<SEC-DOCUMENT>0001398344-16-014947.txt : 20160708
<SEC-HEADER>0001398344-16-014947.hdr.sgml : 20160708
<ACCEPTANCE-DATETIME>20160708133901
ACCESSION NUMBER:		0001398344-16-014947
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20160430
FILED AS OF DATE:		20160708
DATE AS OF CHANGE:		20160708
EFFECTIVENESS DATE:		20160708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clough Global Equity Fund
		CENTRAL INDEX KEY:			0001316463
		IRS NUMBER:				202248098
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21712
		FILM NUMBER:		161758683

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
		BUSINESS PHONE:		303-623-2577

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
</SEC-HEADER>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">UNITED STATES</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CERTIFIED SHAREHOLDER REPORT OF REGISTERED</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">MANAGEMENT INVESTMENT COMPANIES</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Investment Company Act file number:&#160; 811-21712</u></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>Clough Global Equity Fund</u></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(exact name of Registrant as specified in charter)</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>1290 Broadway, Suite 1100, Denver, Colorado 80203</u></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Abigail J. Murray, Secretary</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Equity Fund</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1290 Broadway, Suite 1100</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Denver, Colorado 80203</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(Name and address of agent for service)</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Registrant&#8217;s telephone number, including area code: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>303-623-2577</u></font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Date of fiscal year end:&#160; &#160;&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>October 31</u></font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Date of reporting period:&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><u>November 1, 2015 &#8211; April 30, 2016</u></font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Item 1.&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Reports to Stockholders.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><font style="FONT-VARIANT: small-caps; FONT-FAMILY: 'Times New Roman', Times, serif">Section</font> 19(b) <font style="FONT-VARIANT: small-caps; FONT-FAMILY: 'Times New Roman', Times, serif">Disclosure</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Allocation Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund (each a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;), acting pursuant to a Securities and Exchange Commission (&#8220;SEC&#8221;) exemptive order and with the approval of each Fund&#8217;s Board of Trustees (the &#8220;Board&#8221;), have adopted a plan, consistent with each Fund&#8217;s investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the &#8220;Plan&#8221;). In accordance with the Plan, Clough Global Allocation Fund distributes $0.120 per share on a monthly basis, Clough Global Equity Fund distributes $0.115 per share on a monthly basis and Clough Global Opportunities Fund distributes $0.100 per share on a monthly basis.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The fixed amount distributed per share is subject to change at the discretion of each Fund&#8217;s Board. Under the Plan, each Fund will distribute all available investment income to its shareholders, consistent with each Fund&#8217;s primary investment objectives and as required by the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). If sufficient investment income is not available on a monthly basis, each Fund will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board, except for extraordinary distributions and potential distribution rate increases or decreases to enable each Fund to comply with the distribution requirements imposed by the Code.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Shareholders should not draw any conclusions about each Fund&#8217;s investment performance from the amount of these distributions or from the terms of the Plan. Each Fund&#8217;s total return performance on net asset value is presented in its financial highlights table.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Board may amend, suspend or terminate each Fund&#8217;s Plan without prior notice if it deems such action to be in the best interest of either the Fund or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if a Fund&#8217;s stock is trading at or above net asset value) or widening an existing trading discount. Each Fund is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, increased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to each Fund&#8217;s prospectus for a more complete description of its risks.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Please refer to Additional Information for a cumulative summary of the Section 19(a) notices for each Fund&#8217;s current fiscal period. Section 19(a) notices for each Fund, as applicable, are available on the Clough Global Closed-End Funds website www.cloughglobal.com.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Funds</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Shareholder Letter</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Portfolio Allocation</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Global Allocation Fund</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Statement of Investments</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Statements of Assets and Liabilities</div>
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 April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">For&#160; the&#160; first&#160; half&#160; of&#160; 2016&#160; (11/1/2015&#160; &#8211;&#160; 4/30/2016),&#160; the&#160; Global Allocation Fund was down 5.78%, The Global Opportunities Fund was down 6.81%, and the Global Equity Fund was down 8.63%.&#160; The November&#160; through&#160; April&#160; period&#160; witnessed&#160; tremendous&#160; volatility.&#160; The funds were very defensively positioned and were not able to participate in the rapid spring recovery to the extent we would have liked.&#160; It should be noted that the funds have performed well in May and as of this writing their 2016 year to date performance is down 1.51% for the Global Allocation fund, down 2.49% for the Global Allocation fund, and down 4.19% for the Global Equity Fund.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Significant contributors to performance were in the energy sector (more on this below), the cable industry, and fixed income.&#160; Not surprising given the oil rally late in the quarter that the significant detractors&#160; to&#160; performance&#160; were&#160; in&#160; Industrial&#160; and&#160; Commodity&#160; related shorts.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The&#160; Global&#160; Allocation&#160; Fund&#160; outperformed&#160; the&#160; Equity&#160; and Opportunities Fund due to its higher weighting in fixed income and income producing equities;&#160; A reminder that the Allocation fund is the&#160; most&#160; conservative&#160; of&#160; the&#160; three&#160; funds&#160; and&#160; will&#160; tend&#160; to outperform when bonds rally and equity markets are volatile.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">As we head into the second half of 2016, you will notice that the funds have become more concentrated in our highest conviction themes.&#160; Our four highest conviction themes are in Energy, Fixed Income&#160; and&#160; Yield&#160; producing&#160; assets,&#160; Cable&#160; and&#160; Healthcare.&#160;&#160; These four themes account for roughly 91% of the investments in the funds.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">During the quarter, we introduced a long energy related strategy focusing on exploration and production companies with low cost reserves.&#160; &#160; Several&#160; of&#160; the&#160; names&#160; including&#160; WPX&#160; Energy,&#160; Sanchez Energy,&#160; and&#160; Continental&#160; Resources,&#160; were&#160; among&#160; the&#160; quarter&#8217;s largest contributors.&#160; We are currently hedging these positions with short positions in offshore drillers.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Energy does look to us to be a long term strategy because of the length of the investment cycle and the extent of the collapse in energy capital spending which continues despite recovery in the oil price.&#160; Many focus on the land rig count, which declined 78%, but the&#160; offshore&#160; rig&#160; count&#160; is&#160; down&#160; 34%&#160; and&#160; it&#160; is&#160; still&#160; declining.&#160;&#160; UBS analysts are looking for another 35%&#8208;40% fall in the offshore&#160; rig count.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">At the risk of endlessly repeating ourselves one way we define value is businesses which generate high and growing free cash flow yields and we think the consolidation in the cable industry is the easiest way to invest in the digital disruption phenomenon.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Both the FCC and the United States Justice Department approved the&#160; Charter/Time&#160; Warner&#160; merger&#160; (and&#160; the&#160; related&#160; Bright&#160; House Cable acquisition).&#160; The funds own Charter by itself and also through Liberty&#160; Ventures&#160; and&#160; Liberty&#160; Broadband.&#160; &#160; Eventually&#160; Liberty Broadband&#160; will&#160; be&#160; merged&#160; into&#160; Charter&#160; so&#160; this&#160; is&#160; a&#160; way&#160; to&#160; buy Charter&#160; at&#160; a&#160; discount.&#160; &#160; Charter&#8217;s&#160; cash&#160; flow&#160; should&#160; ramp&#160; up meaningfully as a result.&#160; The company estimates $400 million in synergies&#160; and,&#160; as&#160; Charter&#160; upgrades&#160; to&#160; digital,&#160; better&#160; pricing opportunities will emerge.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The funds also added significantly to income producing equities and corporate&#160; bonds&#160; during&#160; the&#160; quarter.&#160; &#160; We&#160; still&#160; believe&#160; in&#160; a&#160; low interest rate environment for the foreseeable future regardless off Federal Reserve interest rate policy.&#160; A low growth and inflationary economy coupled with negative interest rates in other developed markets should keep a ceiling on long term rates in the US.&#160; Yield is still in short supply and we are buyers of high quality income when it goes on sale like it did in the first quarter.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">We&#160; are&#160; finding&#160; attractive&#160; income&#160; producing&#160; securities&#160; yielding between 5% and 12% in a diversified basket of securities ranging from&#160; investment&#160; grade&#160; debt,&#160; Medical&#160; Office&#160; REITs,&#160; Business Development&#160; Companies&#160; as&#160; well&#160; as&#160; Mortgage&#160; REITs.&#160; &#160; The&#160; funds&#160; also maintain a position in US Treasuries in the long end of the&#160; yield curve.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The greater presence of lower beta fixed income assets has reduced the need for the funds to hedge the portfolio with equity shorts relative to the past few years.&#160; In addition to a more concentrated portfolio, you will also notice the funds will have a lower gross assets exposure.&#160; &#160; This&#160; lower&#160; gross&#160; exposure&#160; is&#160; due&#160; to&#160; the&#160; meaningful reduction in equity shorts.&#160; The smaller short book will also start to reduce&#160; the&#160; total&#160; expense&#160; ratio&#160; of&#160; the&#160; fund&#160; as&#160; the&#160; transactional expenses associated with hedging will be reduced.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The fourth largest theme in the portfolio is in Healthcare, a sector that was sold off heavily in the last year and now has very attractive valuations.&#160; The funds&#8217; health care exposure is currently constructed around: the capital expenditure cycle associated with government dollars flowing through the Affordable Care Act; disruptive scientific and&#160; medical&#160; innovations;&#160; and&#160; industry&#160; consolidation&#160; and&#160; M&amp;A trends.&#160; In the near term we are watching for potential green shoots indicating&#160; a&#160; major&#160; healthcare&#160; market&#160; sentiment&#160; change&#160; from negative to positive.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Given the recent high correlation and negative returns within the biotechnology and specialty pharmaceutical subsectors, we believe the &#8216;risk off&#8217; nature of year to date trading could change quickly. This in turn could spark a reversion to the mean and higher equity prices for these two volatile subsectors. While we are not yet sure when or what will eventually lead generalist investors back to this space, we do believe that two basic factors &#8208; namely, clarity on who will be the Republican&#160; and&#160; Democratic&#160; nominees&#160; for&#160; President,&#160; and&#160; the resurgence of a healthy merger and acquisition market &#8208; will be contributing factors.</div>

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 April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">If&#160; you&#160; have&#160; any&#160; questions&#160; about&#160; your&#160; investment,&#160; please&#160; call 1&#8208;877&#8208;256&#8208;8445.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Past performance is no guarantee of future results.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">This letter is provided for informational purposes only and is not an offer to purchase or sell shares. Clough Global Allocation Fund, Clough Global Equity Fund and Clough Opportunities Fund are closed-end funds, which are traded on the New York Stock Exchange AMEX, and does not continuously issue shares for sale as open-end mutual funds do. The market price of a closed end Fund is based on the market&#8217;s value.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The information in this letter represents the opinions of the individual Portfolio Managers and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Past performance is no guarantee of future results.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The net asset value (NAV) of a closed-end fund is the market price of the underlying investments (i.e., stocks and bonds) in the fund&#8217;s portfolio, minus liabilities, divided by the total number of fund shares outstanding. However, the fund also has a market price; the value of which it trades on an exchange. This market price can be more or less than its NAV.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report&#160; |&#160; April 30, 2016</div>
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 April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CLOUGH GLOBAL ALLOCATION FUND</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Top 10 Equity Holdings*</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">% of Total Portfolio</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1. BP PLC &#8208; Sponsored ADR</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.42%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2. Bank of America Corp.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.42%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3. Citigroup, Inc.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.14%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4. Liberty Ventures &#8208; Series A</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.83%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5. American International Group, Inc.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.87%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6. Ares Capital Corp.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.86%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7. Starwood Property Trust, Inc.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.73%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8. Viasat, Inc.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.67%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9. American Capital Agency Corp.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.63%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10. Pioneer Natural Resources Co.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.57%</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CLOUGH GLOBAL EQUITY FUND</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Top 10 Equity Holdings*</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">% of Total Portfolio</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1. Bank of America Corp.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.49%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2. BP PLC &#8208; Sponsored ADR</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.39%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3. Liberty Ventures &#8208; Series A</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.37%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4. Citigroup, Inc.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.22%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5. American International Group, Inc.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.00%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6. IMAX Corp.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.99%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7. TransDigm Group, Inc.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.99%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8. Viasat, Inc.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.89%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9. Starwood Property Trust, Inc.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.77%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10. Liberty Broadband Corp. &#8208; Class C</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.65%</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CLOUGH GLOBAL OPPORTUNITIES FUND</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="TEXT-ALIGN: left; WIDTH: 88%; VERTICAL-ALIGN: bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Top 10 Equity Holdings*</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">% of Total Portfolio</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1. Bank of America Corp.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.43%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2. BP PLC &#8208; Sponsored ADR</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.38%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3. Citigroup, Inc.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.20%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4. Liberty Ventures &#8208; Series A</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.89%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5. American International Group, Inc.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.00%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6. TransDigm Group, Inc.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.98%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7. Starwood Property Trust, Inc.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.73%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8. Viasat, Inc.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.71%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9. American Capital Agency Corp.</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.63%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10. Liberty Broadband Corp. &#8208; Class C</div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.58%</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; MARGIN-RIGHT: 314.95pt">Holdings are subject to change. </div>

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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">*</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; MARGIN-RIGHT: 314.95pt">Only long positions are listed.</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
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<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="941d58afacb44b009a7c88b8d9279f6e" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 59.48%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 14pt">Clough Global Allocation Fund</div>
</td>
<td style="WIDTH: 40.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 14pt">Portfolio Allocation</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
 April 30, 2016 (Unaudited)</div>

<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="d71c96b2c7e34ccbaacba9e6a9103381" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Asset Allocation*</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Stock &#8208; US</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">59.05%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Stock &#8208; Foreign</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9.11%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Exchange Traded Funds</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8208;8.99%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Closed&#8208;End Funds</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.72%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Participation Notes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.35%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Equities</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">63.24%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Government L/T</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">18.10%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Corporate Debt</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.19%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Asset/Mortgage Backed</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.14%</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Fixed Income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">33.43%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Short&#8208;Term Investments</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.89%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Warrant</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.01%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Other (Foreign Cash)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8208;0.53%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total Return Swap Contracts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8208;0.04%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.33%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">TOTAL INVESTMENTS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div>
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="2edbb08a85ab46818a02c3a00227584d" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Global Securities Holdings<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">^</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">United States</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">81.41%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">U.S. Multinationals<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#8224;</sup></div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8.68%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">United Kingdom</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4.08%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">China</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.69%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Canada</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.64%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">France</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.12%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Singapore</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.69%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Norway</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.63%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Argentina</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.52%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Japan</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.45%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8208;2.91%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">TOTAL INVESTMENTS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="95bda431f85b437493cd0fb56b3bdee7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">*</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Percentages are based on total investments, including securities sold short. Holdings are subject to change.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="35a0e6a1a2d249c6b1132ac86a27375b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">^</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Includes securities sold short and foreign cash balances.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="17b3e63223c74d0d9ee06d9a95c70262" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">&#8224;</td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">US Multinational Corporations &#8211; has more than 50% of revenues derived outside of the U.S.</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="36255e3373474ed797a2f12d75567ecc" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report&#160; |&#160; April 30, 2016</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt">5</div>
</td>
</tr>
</table>
</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">Clough Global Equity Fund</div>
</td>
<td style="WIDTH: 50%; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">Portfolio Allocation</div>
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 April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Asset Allocation*</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Stock &#8208; US</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">62.86%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Stock &#8208; Foreign</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10.11%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Exchange Traded Funds</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-8.94%</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Participation Notes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.39%</div>
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<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Equities</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">65.42%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Government L/T</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">27.13%</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Corporate Debt</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4.40%</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Fixed Income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">31.53%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Short&#8208;Term Investments</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.61%</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Warrant</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.01%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Other (Foreign Cash)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-0.53%</div>
</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total Return Swap Contracts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-0.04%</div>
</td>
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<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.05%</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">TOTAL INVESTMENTS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="dcc90ebe2a374913a0c125fbe12b14d8" border="0" cellspacing="0" cellpadding="2">
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Global Securities Holdings<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">^</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
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<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">United States</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">82.08%</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">U.S. Multinationals<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#8224;</sup></div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6.98%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">China</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4.23%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">United Kingdom</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4.06%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Canada</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.18%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">France</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.12%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Singapore</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.68%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Norway</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.63%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Argentina</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.52%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Japan</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.47%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-2.95%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">TOTAL INVESTMENTS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="f2d27b02ec1a45838d79981ed0eca9dd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">*</sup></td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Percentages are based on total investments, including securities sold short. Holdings are subject to change.</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="e098c10ae92640d1b4c40476750faa09" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">^</sup></td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Includes securities sold short and foreign cash balances.</td>
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</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="c9378fbfad4f41aea94cdc1b6619ad64" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#8224;</sup></td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">US Multinational Corporations &#8211; has more than 50% of revenues derived outside of the U.S.</td>
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<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<tr>
<td style="WIDTH: 50%; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">6</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
</td>
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<div style="LINE-HEIGHT: 1.15">&#160;</div>

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<tr>
<td style="WIDTH: 50%; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">Clough Global Opportunities Fund</div>
</td>
<td style="WIDTH: 50%; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">Portfolio Allocation</div>
</td>
</tr>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
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 April 30, 2016 (Unaudited)</div>

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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="633809bd67db44289bb0d35e22defefd" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Asset Allocation*</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Stock &#8208; US</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">59.58%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Stock &#8208; Foreign</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9.55%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Exchange Traded Funds</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-8.96%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Participation Notes</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.35%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Equities</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">61.52%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Government L/T</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">25.82%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Corporate Debt</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10.45%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Fixed Income</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">36.27%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Short&#8208;Term Investments</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.77%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Warrant</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.01%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Other (Foreign Cash)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-0.53%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total Return Swap Contracts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-0.04%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.21%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">TOTAL INVESTMENTS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="1c573ab047f44ab5bafee71f39445878" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Global Securities Holdings<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">^</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">United States</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">81.26%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">U.S. Multinationals<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#8224;</sup></div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8.40%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">China</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4.17%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">United Kingdom</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4.04%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Canada</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.64%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">France</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.11%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Singapore</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.69%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Norway</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.63%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Argentina</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.52%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Japan</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.46%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Other</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-2.92%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">TOTAL INVESTMENTS</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="17314cae39c1497da965b4261814072b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">*</sup></td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Percentages are based on total investments, including securities sold short. Holdings are subject to change.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="dca747fd11ab43a6a4839d0ffeed7ad7" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">^</sup></td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Includes securities sold short and foreign cash balances.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="5131b6b269b14465ae34012fbbcf5071" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#8224;</sup></td>
<td style="TEXT-ALIGN: left; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">US Multinational Corporations &#8211; has more than 50% of revenues derived outside of the U.S.</td>
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</table>
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<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="c17330dc41c94474840d64e1d0627d72" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report&#160; |&#160; April 30, 2016</div>
</td>
<td style="WIDTH: 50%; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">7</div>
</td>
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<div style="LINE-HEIGHT: 1.15">&#160;</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Allocation Fund</div>
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 April 30, 2016 (Unaudited)</div>

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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COMMON STOCKS 106.48%</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Discretionary 20.59%</div>
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<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Diversified Consumer Services 1.01%</div>
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<td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Service Corp. International<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
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<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">54,800</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,461,516</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Household Durables 4.24%</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">DR Horton, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">50,226</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,509,794</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Lennar Corp. &#8208; Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">57,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,591,732</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">PulteGroup, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">61,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,121,790</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Sony Corp. &#8208; Sponsored ADR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">21,690</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">TRI Pointe Group, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">22,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">263,320</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">William Lyon Homes &#8208; Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">43,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">616,170</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,124,496</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Internet &amp; Catalog Retail 4.73%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Amazon.com, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,419</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,595,548</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">JD.com, Inc. &#8208; ADR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">357,840</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Liberty Ventures &#8208; Series A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">122,172</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,886,880</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,840,268</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Media 8.47%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Cable One, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,560,464</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Comcast Corp. &#8208; Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">37,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,290,652</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">IMAX Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">78,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,518,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Liberty Braves Group &#8208; Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,011</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">47,095</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Liberty Braves Group &#8208; Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,482</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">51,958</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Liberty Broadband Corp. &#8208;<br>
&#160;&#160;&#160;&#160; Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12,528</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">718,105</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Liberty Broadband Corp. &#8208;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160; Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">46,348</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,653,423</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Liberty Media Corp. &#8208; Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,528</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">137,762</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Liberty Media Group &#8208; Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,706</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">156,708</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Liberty SiriusXM Group &#8208; Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">30,112</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">986,770</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Liberty SiriusXM Group &#8208; Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">34,824</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,115,065</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12,236,402</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Specialty Retail 1.57%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Signet Jewelers, Ltd.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">20,850</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,263,476</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Textiles 0.57%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Anta Sports Products, Ltd.</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">320,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">818,471</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL CONSUMER DISCRETIONARY</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">29,744,629</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Staples 0.63%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">CVS Health Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,100</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">914,550</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div>&#160;</div>
</div>
</div>

<div style="WIDTH: 49%; FLOAT: right" id="EFPFTCR">
<div>
<div style="CLEAR: both">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="3110d5c37c234d6cbb9d96fd0e686722" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Energy 27.35%</div>
</td>
<td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Anadarko Petroleum Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">31,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,651,388</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Antero Resources Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">26,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">761,270</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Apache Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">45,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,475,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">BP PLC &#8208; Sponsored ADR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">175,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,906,722</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Concho Resources, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">21,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,497,655</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Continental Resources, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">68,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,559,762</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Devon Energy Corp.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">39,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,369,860</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Energen Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">22,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">956,025</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Fairway Energy Partners LLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)(d)(e)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">130,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,323,338</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Hess Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">38,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,301,332</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Marathon Oil Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">123,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,744,342</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Newfield Exploration Co.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">29,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,083,875</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Noble Energy, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">25,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">909,972</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Occidental Petroleum Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,142,085</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Parsley Energy, Inc. &#8208; Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">59,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,398,174</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Pioneer Natural Resources Co.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,707,430</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Royal Dutch Shell PLC &#8208; Class A</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,029</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">442,774</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Sanchez Energy Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">125,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,124,649</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Schlumberger, Ltd.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">610,584</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Statoil ASA &#8208; Sponsored ADR</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">61,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,088,821</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total S.A. &#8208; Sponsored ADR</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">40,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,075,675</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Whiting Petroleum Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">202,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">WPX Energy, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">236,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,279,760</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">YPF S.A. &#8208; Sponsored ADR</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">44,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">900,705</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">39,514,198</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financials 25.21%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Business Development Corporations 3.89%</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Ares Capital Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">211,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,206,609</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Golub Capital BDC, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">111,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,953,315</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Hercules Capital, Inc.</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">37,900</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">465,033</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,624,957</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Capital Markets 1.12%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Atlas Mara, Ltd.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)(e)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">183,658</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">791,566</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">CITIC Securities Co., Ltd. &#8208; Class H</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">376,500</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">831,931</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,623,497</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Diversified Financials 8.52%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Bank of America Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
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<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">405,191</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,899,581</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Citigroup, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">117,230</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,425,404</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">JPMorgan Chase &amp; Co.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
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<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15,500</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">979,600</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12,304,585</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Insurance 2.23%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">American International Group, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">57,800</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,226,396</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; TEXT-INDENT: 9pt; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Real Estate Investment Trusts 8.33%</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">American Capital Agency Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">153,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,819,795</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div>&#160;</div>
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<div style="CLEAR: both">&#160;</div>

<div style="CLEAR: both">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt">8</div>
</td>
<td style="WIDTH: 50%">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Allocation Fund</div>
</td>
<td style="WIDTH: 48.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Statement of Investments</div>
</td>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
 April 30, 2016 (Unaudited)</div>

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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160; </td>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financials (continued)</div>
</td>
<td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Community Healthcare Trust, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">108,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,967,420</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Ladder Capital Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">55,102</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">656,265</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">PennyMac Mortgage Investment<br>
&#160;&#160;&#160; Trust<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">79,514</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,080,595</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Starwood Property Trust, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">154,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,989,184</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Two Harbors Investment Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">321,191</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,514,926</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12,028,185</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Thrifts &amp; Mortgage Finance 1.12%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">MGIC Investment Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">224,034</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,619,766</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL FINANCIALS</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">36,427,386</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Health Care 12.05%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Actelion, Ltd.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,910</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">954,915</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Akorn, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">28,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">735,505</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Albany Molecular Research, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">59,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">895,475</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Alexion Pharmaceuticals, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">264,632</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Allergan PLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,364,328</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Amsurg Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">712,624</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Becton Dickinson and Co.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">322,520</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Boston Scientific Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">357,296</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Bristol&#8208;Meyers Squibb Co.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13,887</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,002,363</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Cardiome Pharma Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">153,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">688,576</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Cerner Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">836,486</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Corindus Vascular Robotics, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">146,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">154,245</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Dynavax Technologies Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">27,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">447,993</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Edwards Lifesciences Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">361,114</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">HCA Holdings, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,377</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">352,874</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Healthways, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">114,749</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,336,826</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Intra&#8208;Cellular Therapies, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">18,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">624,624</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Intrexon Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,104</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">216,620</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Jazz Pharmaceuticals PLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,137</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">472,746</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Keryx Biopharmaceuticals, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">84,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">460,224</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Kura Oncology, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">69,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">232,798</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Medtronic PLC</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">300,770</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Perrigo Co., PLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,560</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">150,805</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Shire PLC &#8208; ADR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">693,454</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Sinopharm Group Co., Ltd. &#8208; Class H</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">142,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">611,316</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Team Health Holdings, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">276,078</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Valeant Pharmaceuticals International,</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">&#160;&#160;Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">45,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,501,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Veracyte, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">59,856</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">347,165</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Vertex Pharmaceuticals, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">733,758</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,409,330</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>
</div>

<div style="WIDTH: 49%; FLOAT: right" id="EFPFTCR">
<div>
<div>&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="8f15c5e7db9f46d9874657d794eacf17" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Industrials 7.09%</div>
</td>
<td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Allison Transmission Holdings, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(e)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">61,041</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,758,591</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Armstrong World Industries, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">27,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,118,194</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Kansas City Southern<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">19,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,885,525</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">TransDigm Group, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,597,718</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">ViaSat, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">37,649</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,887,679</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,247,707</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Information Technology 10.42%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Alibaba Group Holding, Ltd. &#8208; Sponsored ADR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">600,132</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Alphabet, Inc. &#8208; Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,592,730</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Alphabet, Inc. &#8208; Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,881</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,303,552</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Broadcom, Ltd.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,544,950</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Crown Castle International Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">18,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,642,032</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Facebook, Inc. &#8208; Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,940,070</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Lam Research Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">21,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,657,880</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Microsoft Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">20,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,042,283</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Monolithic Power Systems, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">855,154</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Nintendo Co., Ltd.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">883,092</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Palo Alto Networks, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">875,046</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">salesforce.com, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,114,260</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15,051,181</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Materials 1.93%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Axalta Coating Systems, Ltd.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">63,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,793,610</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Chr Hansen Holding A/S</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,352</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">519,775</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">GCP Applied Technologies, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">21,100</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">466,943</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,780,328</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Telecommunication Services 1.21%</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">China Mobile, Ltd.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">76,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">877,242</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Nippon Telegraph &amp; Telephone Corp.</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">19,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">868,571</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,745,813</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL COMMON STOCKS</div>

(Cost $151,735,921)</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">153,835,122</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div>&#160;</div>
</div>
</div>

<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; CLEAR: both; FONT-SIZE: 11pt">&#160;</div>

<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="74f59d6382e940a4a3649e302baf21ba" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
</td>
<td style="WIDTH: 50%">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt">9</div>
</td>
</tr>
</table>
</div>
</div>
</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Allocation Fund</div>
</td>
<td style="WIDTH: 45.66%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Statement of Investments</div>
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 April 30, 2016 (Unaudited)</div>

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<div>&#160;</div>

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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
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<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CLOSED-END FUNDS 3.24%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Adams Diversified Equity Fund, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">132,430</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,675,239</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Avenue Income Credit Strategies</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">&#160;&#160; Fund<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">25,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">292,824</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Calamos Strategic Total Return</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">&#160;&#160; Fund<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">88,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">876,456</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Cohen &amp; Steers REIT and Preferred Income Fund, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">23,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">439,920</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Gabelli Equity Trust, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">60,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">334,062</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Liberty All-Star Equity Fund<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">146,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">732,033</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">PIMCO Income Strategy Fund II<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">37,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">338,169</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,688,703</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL CLOSED-END FUNDS<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (Cost $4,524,002)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,688,703</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PARTICIPATION NOTES 1.62%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Staples 0.88%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/09/2017</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">32,617</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,263,535</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Industrials 0.74%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Zhengzhou Yutong Bus Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 10/27/2017</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">339,450</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,073,655</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL PARTICIPATION NOTES<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (Cost $2,252,416)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,337,190</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">WARRANTS 0.01%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Atlas Mara, Ltd., Strike price $11.50, Expires 12/17/2017<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(e)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">116,958</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,696</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL WARRANTS<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (Cost $1,170)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,696</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="8abef45da2864bbcb64a06e4acd02f56" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 54%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Description and</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Maturity Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Principal Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CORPORATE BONDS 18.14%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">Ares Capital Corp. </td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">11/30/2018, 4.875%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,033,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>
</div>

<div style="WIDTH: 49%; FLOAT: right" id="EFPFTCR">
<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="f490272b786a47e881f433b939fe5721" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 54%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Description and</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Maturity Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Principal Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CORPORATE BONDS (continued)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">AT&amp;T, Inc.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">12/15/2042, 4.300%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">951,722</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Autodesk, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">12/15/2022, 3.600%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,400,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,406,793</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Bank of America Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Series K, Perpetual Maturity,</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">&#160; 8.000%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,200,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,171,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Bank of New York Mellon Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Series D, Perpetual Maturity,</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">&#160; 4.500%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">700,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">661,150</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">BankUnited, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">11/17/2025, 4.875%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,300,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,310,310</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Citigroup, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Series N, Perpetual Maturity,</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">&#160; 5.800%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,300,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,259,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Series P, Perpetual Maturity,</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">&#160; 5.950%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,400,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,357,125</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Citizens Bank National Association</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">12/04/2019, 2.450% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,008,165</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Citizens Financial Group, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Perpetual Maturity, 5.500% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(e)(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,600,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,532,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Exelon Generation Co., LLC</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">10/01/2017, 6.200% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,062,432</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">General Motors Co.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">04/01/2035, 5.000%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">750,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">749,154</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Goldman Sachs Group, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Series M, Perpetual Maturity,</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">&#160; 5.375%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">966,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Jersey Central Power &amp; Light Co.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">06/15/2018, 4.800% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,048,381</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Liberty Mutual Group, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">08/01/2044, 4.850% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(e)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">965,546</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Manufacturers &amp; Traders Trust Co.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">12/01/2021, 5.629% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(f)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,750,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,697,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Morgan Stanley</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Series J, Perpetual Maturity, 5.550%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">600,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">594,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">PNC Financial Services Group, Inc.,</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Series R, Perpetual Maturity,<br>
&#160; 4.850%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">960,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SunTrust Banks, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Perpetual Maturity, 5.625% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,900,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,885,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Textron Financial Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">02/15/2067, 6.000% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(e)(f)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,910,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,341,775</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">U.S. Bancorp</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Series I, Perpetual Maturity,<br>
&#160; 5.125%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,023,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Western Digital Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">04/01/2024, 10.500% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(e)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,236,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,205,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>
</div>

<div style="LINE-HEIGHT: 1.15; CLEAR: both">&#160;</div>

<div style="LINE-HEIGHT: 1.15; CLEAR: both">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div style="LINE-HEIGHT: 1.15; CLEAR: both">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="9a0160f392fa4ab099b1a6a0da20a487" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt">10</div>
</td>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif">Clough Global Allocation Fund</div>
</td>
<td style="WIDTH: 45.1%; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif">Statement of Investments</div>
</td>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
 April 30, 2016 (Unaudited)</div>

<div>&#160;</div>

<div style="WIDTH: 49%; FLOAT: left" id="EFPFTCL">
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<div style="TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Description and</div>

<div style="TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Maturity Date</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Principal Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CORPORATE BONDS <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(continued)</font></div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr style="HEIGHT: 20px">
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="8">The Western Union Co. </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.65pt; FONT-SIZE: 11pt">06/21/2040, 6.200%</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,000,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,011,246</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL CORPORATE BONDS</div>

(Cost $26,693,091)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">26,203,074</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="8">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: bottom" valign="bottom" colspan="8">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ASSET/MORTGAGE BACKED SECURITIES 0.16%</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">United States Small Business</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Administration</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Series 2008-20L, Class 1, 12/01/2028, 6.220%</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">205,839</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">236,624</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"></td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom" colspan="8">TOTAL ASSET/MORTGAGE BACKED SECURITIES</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: bottom" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Cost $205,839)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">236,624</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: bottom" valign="bottom" colspan="8">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">GOVERNMENT &amp; AGENCY OBLIGATIONS 21.62% </div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">U.S. Treasury Bonds</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">08/15/2026, 6.750% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">700,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,023,599</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">11/15/2026, 6.500% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,600,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,313,656</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">08/15/2029, 6.125% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,250,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,239,988</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">02/15/2031, 5.375% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,700,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,110,701</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">02/15/2041, 4.750%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,300,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,833,736</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">U.S. Treasury Notes</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">05/15/2017, 4.500% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,300,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,351,949</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">08/15/2017, 4.750% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,263,185</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">02/15/2018, 3.500% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,000,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,097,812</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom" colspan="8">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" valign="bottom" colspan="8"><font style="FONT-WEIGHT: bold">TOTAL GOVERNMENT &amp; AGENCY OBLIGATIONS</font> </td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Cost $30,925,788)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">31,234,626</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SHORT-TERM INVESTMENTS 4.64%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Money Market Fund 4.64%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.200% 7-day yield)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,706,131</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,706,131</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL SHORT-TERM INVESTMENTS</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Cost $6,706,131)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,706,131</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Investments - 155.91%</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: normal">(Cost $223,044,358)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">225,253,166</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Liabilities in Excess of Other Assets - (55.91%)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(h)</sup></div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(80,780,427</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">NET ASSETS - 100.00%</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">144,472,739</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>
</div>

<div style="WIDTH: 49%; FLOAT: right" id="EFPFTCR">
<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="e68cd8546568468ebc01ce6423be29a0" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SCHEDULE OF SECURITIES</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SOLD SHORT<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COMMON STOCKS (25.07%)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Discretionary (1.17%)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Auto Components (0.42%)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Bridgestone Corp.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(15,600</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(603,474</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Specialty Retail (0.75%)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Tiffany &amp; Co.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(6,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(449,505</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Williams-Sonoma, Inc.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10,900</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(640,702</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,090,207</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: bottom" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL CONSUMER DISCRETIONARY</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,693,681</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Staples (5.12%)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Campbell Soup Co.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(9,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(610,929</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">ConAgra Foods, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(13,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(601,560</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">General Mills, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(9,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(607,266</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Hormel Foods Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(16,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(632,220</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Kellogg Co.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(8,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(614,480</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Kimberly-Clark Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(563,355</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Monster Beverage Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(6,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(879,742</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">PepsiCo, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(6,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(617,760</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Philip Morris International, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(6,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(608,344</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">The Procter &amp; Gamble Co.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(9,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(721,080</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Tyson Foods, Inc. - Class A</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(9,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(618,708</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Wal-Mart Stores, Inc.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(314,289</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(7,389,733</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Energy (3.40%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Atwood Oceanics, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(89,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(866,502</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Inpex Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(46,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(385,666</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Noble Corp., PLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(125,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,403,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Rowan Cos., PLC - Class A</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(65,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,222,650</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Transocean, Ltd.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(93,600</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,037,088</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,915,656</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financials (4.81%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Capital Markets (1.03%)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Credit Suisse Group AG - Sponsored ADR</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(29,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(454,779</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Deutsche Bank AG</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(54,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,037,112</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,491,891</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Commercial Banks (1.67%)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">ABN AMRO Group NV</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(21,465</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(458,880</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Intesa Sanpaolo SpA</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(160,797</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(445,572</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Itau Unibanco Holding S.A. -</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.9pt; FONT-SIZE: 11pt">Preference Shares, Sponsored ADR</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(120,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,146,459</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">United Overseas Bank, Ltd.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(25,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(355,445</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,406,356</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Consumer Finance (1.76%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Ally Financial, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(31,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(553,891</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">American Express Co.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(15,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(987,993</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>
</div>
</div>

<div style="CLEAR: both">&#160;</div>

<div style="CLEAR: both">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="7a638d5a080a469297cacaba8fa6abeb" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 87.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 12.84%; FONT-SIZE: 9pt; VERTICAL-ALIGN: bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif">11</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
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<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="6c716da62d68487eaa1c06d62b8652b0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 54.9%; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif">Clough Global Allocation Fund</div>
</td>
<td style="WIDTH: 45.1%; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif">Statement of Investments</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
 April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SCHEDULE OF SECURITIES</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SOLD SHORT <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup> (continued)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financials (continued)</div>
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<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Synchrony Financial</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(33,000</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,008,810</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,550,694</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Real Estate Management &amp; Development (0.35%)</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Swire Pacific, Ltd. - Class A</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(46,000</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(500,213</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL FINANCIALS</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(6,949,154</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Health Care (2.08%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">AmerisourceBergen Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(9,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(833,980</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Celgene Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(175,797</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Eli Lilly &amp; Co.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(8,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(619,346</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Mallinckrodt PLC</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(268,836</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Merck &amp; Co., Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(6,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(361,944</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">United Therapeutics Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(326,120</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Varian Medical Systems, Inc.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(5,200</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(422,136</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3,008,159</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Industrials (5.24%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Air France-KLM</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(16,447</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(147,497</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">The Boeing Co.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(8,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,145,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Caterpillar, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(14,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,095,852</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Deutsche Lufthansa AG</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(54,794</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(850,780</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">International Consolidated Airlines Group S.A.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(138,598</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,063,191</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Metso OYJ</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(37,471</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(900,601</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Petrofac, Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(34,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(422,258</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Rolls-Royce Holdings PLC - Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(d)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Sandvik AB</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(135,147</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,386,736</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Spirit AeroSystems Holdings, Inc. - Class A</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(11,800</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(556,370</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(7,569,085</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Information Technology (2.99%)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Analog Devices, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(12,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(704,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">International Business Machines Corp.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(24,745</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3,611,285</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,315,285</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Materials (0.26%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Potash Corp. of Saskatchewan, Inc.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(21,200</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(375,664</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL COMMON STOCKS</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Proceeds $34,765,259)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(36,216,417</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">EXCHANGE TRADED FUNDS (10.73%)</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">iShares<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> Russell 2000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> ETF</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,191,016</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Market Vectors<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> Semiconductor ETF</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(49,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,602,016</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">SPDR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> S&amp;P 500<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> ETF Trust</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(39,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(8,086,960</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>

<div>&#160;</div>
</div>
</div>

<div style="WIDTH: 49%; FLOAT: right" id="EFPFTCR">
<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="23e93fd5996543ed8e670ebf7475b2e4" border="0" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 33px">
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 54%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SCHEDULE OF SECURITIES</div>

<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SOLD SHORT <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup> (continued)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Materials (continued)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">SPDR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> S&amp;P Retail ETF</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(42,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,856,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Technology Select Sector SPDR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> Fund</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(42,100</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,773,673</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL EXCHANGE TRADED FUNDS</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Proceeds $14,901,801)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(15,510,065</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom" colspan="3">
<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL SECURITIES SOLD SHORT</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Proceeds $49,667,060)</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(51,726,482</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="4d73c62d9de3475d96720e23830a65bd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of April</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">30, 2016, the aggregate market value of those securities was</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$165,946,101, representing 114.86% of net assets. (See Note 1</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">and Note 6)</font></td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="a36b590e6b0a4d8e896ffc1dd6db824b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(b)</sup></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Loaned security; a portion or all of the security is on loan as of</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">April 30, 2016.</font></td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="b584b14bfe12449baa7b376028a58f51" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></td>
<td style="TEXT-ALIGN: justify; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Non-income producing security.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="945b772ed2144cd1bc16d02d7a78b0e6" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(d)</sup></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Fair valued security; valued by management in accordance with procedures approved by the Fund's Board of Trustees. As of</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">April 30, 2016, these securities had an aggregate market value</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">of $1,323,338 or 0.92% of total net assets.</font></td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="d6475c48d5954ab791fafb14927959ee" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(e)</sup></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Security exempt from registration of the Securities Act of 1933.</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of April 30, 2016, these securities had an aggregate market value of $8,929,612 or 6.18% of net assets.</font></td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="0fb3a9b4957540edaa52c6475cbc0717" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(f)</sup></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Floating or variable rate security - rate disclosed as of April 30,</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2016.</font></td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="b62f552073a44a1499bd4d6fa7cedacd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(g)</sup></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">interest.</font></td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="4b52c9b3d1664b8fa74a0c9101677496" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(h)</sup></td>
<td style="TEXT-ALIGN: justify; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Includes cash which is being held as collateral for total return swap contracts.</td>
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</table>
</div>
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</div>

<div style="CLEAR: both">&#160;</div>

<div>
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<tr>
<td style="TEXT-ALIGN: left; WIDTH: 18.28%; FONT-SIZE: 9pt; VERTICAL-ALIGN: bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif">12</div>
</td>
<td style="WIDTH: 81.72%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
</td>
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<tr>
<td style="WIDTH: 54.9%; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif">Clough Global Allocation Fund</div>
</td>
<td style="WIDTH: 45.1%; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif">Statement of Investments</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
 April 30, 2016 (Unaudited)</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: -0.4pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL RETURN SWAP CONTRACTS</div>

<div><br>
</div>

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<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Counter Party</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Reference</font>&#160;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Entity/Obligation</font></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notional</div>

<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Floating Rate</div>

<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Paid by the Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Floating</font>&#160;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Rate Index</font></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Termination</div>

<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Unrealized </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Appreciation</font></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Morgan Stanley</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; WHITE-SPACE: nowrap; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Zhengzhou Yutong Bus Co., Ltd.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">108,978</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">55 bps +</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1D FEDEF</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1 D FEDEF</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">01/05/2017</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,040</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">108,978</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,040</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Counter Party</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Reference Entity/Obligation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notional</div>

<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Floating Rate</div>

<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Paid by the Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Floating Rate Index</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Termination</div>

<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Unrealized Depreciation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Credit Suisse</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Jiangsu Hengrui Medicine Co., Ltd. - Class A</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">675,878</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">75 bps +</div>

<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1M LIBOR</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1 M LIBOR</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">05/26/2017</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(63,599</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">675,878</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(63,599</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">784,856</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(61,559</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See Notes to the Financial Statements.</div>

<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

<div>
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<tr>
<td style="WIDTH: 86.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 13.18%; FONT-SIZE: 9pt; VERTICAL-ALIGN: bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif">13</div>
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</div>
</div>
</div>

<!--Licensed to: daitech    Document created using EDGARfilings PROfile 3.6.1.0    Copyright 1995 - 2016 Summit Financial Printing, LLC.  All rights reserved.-->
<div>&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="8a7af2f736a34fbaa9af24ac5797cc86" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 52.04%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Clough Global Equity Fund</div>
</td>
<td style="WIDTH: 47.96%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15">Statement of Investments</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
 April 30, 2016 (Unaudited)</div>

<div style="WIDTH: 49%; FLOAT: left" id="EFPFTCL">
<div>
<div>&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="31761401382548e99c157704fb2ded53" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COMMON STOCKS 115.17%</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Discretionary 25.19%</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Distributors 0.70%</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Pool Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">18,500</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,617,085</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Diversified Consumer Services 1.07%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Service Corp. International<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">91,800</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,448,306</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Household Durables 4.47%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">DR Horton, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">84,521</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,540,701</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Lennar Corp. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">96,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">4,376,946</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">PulteGroup, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">100,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,853,712</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Sony Corp. - Sponsored ADR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">36,150</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">TRI Pointe Group, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">37,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">429,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">William Lyon Homes - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">71,200</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,003,920</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">10,240,629</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Internet &amp; Catalog Retail 6.24%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Amazon.com, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,921</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,586,253</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">JD.com, Inc. - ADR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">22,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">580,212</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty Ventures - Series A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">236,403</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">9,456,120</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Wayfair, Inc. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">44,900</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,694,975</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">14,317,560</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Media 9.86%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Cable One, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">5,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,570,176</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Comcast Corp. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">62,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,809,652</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">IMAX Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">174,795</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">5,593,440</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty Braves Group - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">5,487</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">85,814</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty Braves Group - Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">6,804</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">101,510</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty Broadband Corp. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">22,092</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,266,313</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty Broadband Corp. - Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">81,166</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">4,646,753</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty Media Corp. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">13,717</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">251,021</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty Media Group - Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">17,009</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">306,162</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty SiriusXM Group - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">54,868</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,798,024</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty SiriusXM Group - Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">68,036</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,178,513</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">22,607,378</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Specialty Retail 2.27%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">CarMax, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">28,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,493,190</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Signet Jewelers, Ltd.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">34,246</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,717,746</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">5,210,936</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>
</div>

<div style="WIDTH: 49%; FLOAT: right" id="EFPFTCR">
<div>
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif"></div>

<div>&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="441eb26b4be94de79618ee5db77ed183" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div>&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Discretionary (continued)</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Textiles 0.58%</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Anta Sports Products, Ltd.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">522,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,335,131</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL CONSUMER DISCRETIONARY</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">57,777,025</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Staples 0.66%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">CVS Health Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">15,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,507,500</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Energy 28.13%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Anadarko Petroleum Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">50,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,685,484</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Antero Resources Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">43,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,233,880</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Apache Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">74,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">4,025,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">BP PLC - Sponsored ADR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">283,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">9,516,572</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Concho Resources, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">35,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">4,147,269</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Continental Resources, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">111,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">4,150,764</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Devon Energy Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">64,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,226,456</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Energen Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">36,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,555,134</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Fairway Energy Partners LLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)(d)(e)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">217,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,203,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Hess Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">63,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,756,060</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Marathon Oil Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">200,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,827,863</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Newfield Exploration Co.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">48,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,765,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Noble Energy, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">41,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,480,510</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Occidental Petroleum Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">24,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,839,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Pacific Coast Oil Trust<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(e)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">95,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">168,608</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Parsley Energy, Inc. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">96,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,269,398</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Pioneer Natural Resources Co.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">26,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">4,468,090</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Royal Dutch Shell PLC - Class A</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">27,741</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">721,299</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Sanchez Energy Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">203,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,828,566</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Schlumberger, Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">12,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">996,216</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Statoil ASA - Sponsored ADR</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">100,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,767,795</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Total S.A. - Sponsored ADR</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">66,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,374,875</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Whiting Petroleum Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">27,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">331,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">WPX Energy, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">383,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,706,542</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">YPF S.A. - Sponsored ADR</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">72,400</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,458,860</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">64,505,216</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financials 24.24%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Business Development Corporations 1.69%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Ares Capital Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">204,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,109,393</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Hercules Capital, Inc.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">61,900</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">759,513</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,868,906</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Capital Markets 1.62%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Atlas Mara, Ltd.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)(e)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">306,320</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,320,239</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">CITIC Securities Co., Ltd. - Class H</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">610,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,347,884</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr style="HEIGHT: 15px">
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Goldman Sachs BDC, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">53,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,041,450</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,709,573</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 44.07%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">14</div>
</td>
<td style="WIDTH: 55.93%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">www.cloughglobal.com</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Clough Global Equity Fund</div>
</td>
<td style="WIDTH: 48%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15">Statement of Investments</div>
</td>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
 April 30, 2016 (Unaudited)</div>

<div style="WIDTH: 49%; FLOAT: left" id="EFPFTCL">
<div>&#160;</div>

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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr style="HEIGHT: 20px">
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financials (continued)</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Diversified Financials 8.93%</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Bank of America Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">673,905</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">9,812,057</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Citigroup, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">195,319</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">9,039,363</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">JPMorgan Chase &amp; Co.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">25,800</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,630,560</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">20,481,980</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Insurance 2.45%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">American International Group, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">100,500</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">5,609,910</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Real Estate Investment Trusts 7.47%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">American Capital Agency Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">252,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">4,629,240</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Ladder Capital Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">130,392</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,552,969</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">PennyMac Mortgage Investment Trust<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">134,088</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,822,256</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Starwood Property Trust, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">257,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">4,983,264</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Two Harbors Investment Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">530,557</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">4,154,261</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">17,141,990</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Thrifts &amp; Mortgage Finance 2.08%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Essent Group, Ltd.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">48,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">988,328</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">MGIC Investment Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">369,765</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,673,401</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">NMI Holdings, Inc. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">177,200</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,114,588</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">4,776,317</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL FINANCIALS</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">55,588,676</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Health Care 12.92%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Actelion, Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">9,644</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,558,240</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Akorn, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">54,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,384,480</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Albany Molecular Research, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">98,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,486,940</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Alexion Pharmaceuticals, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">417,840</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Allergan PLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">10,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,252,224</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Amsurg Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">14,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,158,014</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Becton Dickinson and Co.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">516,032</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Boston Scientific Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">26,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">585,264</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Bristol-Meyers Squibb Co.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">23,116</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,668,513</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Cardiome Pharma Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">257,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,152,256</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Cerner Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">24,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,375,430</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Corindus Vascular Robotics, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">245,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">257,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Dynavax Technologies Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">45,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">741,732</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Edwards Lifesciences Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">5,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">584,155</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">HCA Holdings, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">7,315</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">589,735</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Healthways, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">191,311</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,228,773</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Intra-Cellular Therapies, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">30,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,036,464</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Intrexon Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">13,659</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">365,105</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Jazz Pharmaceuticals PLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">5,434</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">818,904</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>
</div>

<div style="WIDTH: 49%; FLOAT: right" id="EFPFTCR">
<div>
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; CLEAR: both">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="f1188e603116489f9092d6c5cd7e1db4" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Health Care (continued)</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Keryx Biopharmaceuticals, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">141,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">769,760</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Kura Oncology, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">116,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">390,112</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">s Realty Trust, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(d)(e)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">51,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">651,525</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">MedEquitie Medtronic LC</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">6,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">490,730</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Perrigo Co. PLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,650</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">256,176</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Shire PLC - DR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">6,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,124,520</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Sinopharm Group Co., Ltd. - Class H</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">236,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,016,571</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Team Health Holdings, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">11,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">460,130</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Valeant Pharmaceuticals International, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">73,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,435,280</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Veracyte, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">112,935</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">655,023</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Vertex Pharmaceuticals, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">14,200</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,197,628</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">29,624,806</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Industrials 8.18%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Allison Transmission Holdings, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(e)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">101,477</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,923,552</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Armstrong World Industries, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">45,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,844,612</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Kansas City Southern<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">32,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,098,325</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">TransDigm Group, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">24,520</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">5,587,373</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">ViaSat, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">69,242</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">5,310,861</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">18,764,723</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Information Technology 12.32%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Alibaba Group Holding, Ltd. - Sponsored ADR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">12,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">977,138</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Alphabet, Inc. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,683</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,607,122</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Alphabet, Inc. - Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,128</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,167,735</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Broadcom, Ltd.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">17,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,506,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Crown Castle International Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">31,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,701,968</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Electronics For Imaging, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">39,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,565,712</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Facebook, Inc. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">27,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,221,692</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Lam Research Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">43,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,308,120</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Microsoft Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">30,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,531,009</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Monolithic Power Systems, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">22,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,404,450</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">NetEase, Inc. - ADR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">9,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,392,930</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Nintendo Co., Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">10,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,438,586</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Palo Alto Networks, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">9,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,433,265</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">salesforce.com, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">26,500</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,008,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">28,265,327</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Materials 2.27%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Axalta Coating Systems, Ltd.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">122,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,493,269</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Chr Hansen Holding A/S</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">13,639</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">848,805</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</div>
</div>
</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; CLEAR: both"><br style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
</td>
<td style="WIDTH: 13.18%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15">15</div>
</td>
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</table>
</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
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<div>
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<td style="WIDTH: 52%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Clough Global Equity Fund</div>
</td>
<td style="WIDTH: 48%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15">Statement of Investments</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
 April 30, 2016 (Unaudited)</div>

<div style="WIDTH: 49%; FLOAT: left" id="EFPFTCL">
<div>
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="6276b7ab50604dc7a0ac88afc53080e6" border="0" cellspacing="0" cellpadding="0">
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<div>&#160;</div>

<div>&#160;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr style="HEIGHT: 5px">
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
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<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt">GCP Applied Technologies, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15">38,600</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15">$</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15">854,218</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">5,196,292</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Telecommunication Services 1.26%</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 6px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">China Mobile, Ltd.</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">124,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,427,668</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Nippon Telegraph &amp; Telephone Corp.</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">31,800</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,453,714</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,881,382</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL COMMON STOCKS</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Cost $261,939,004)</div>
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<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">264,110,947</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PARTICIPATION NOTES 1.70%</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Staples 0.92%</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/09/2017</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">54,442</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,109,003</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Industrials 0.78%</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Zhengzhou Yutong Bus Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 10/27/2017</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">566,600</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,792,114</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL PARTICIPATION NOTES</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Cost $3,760,596)</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,901,117</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">WARRANTS 0.01%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Atlas Mara, Ltd., Strike price $11.50, Expires 12/17/2017<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(e)</sup></div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">195,720</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">19,572</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL WARRANTS</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Cost $1,957)</div>
</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">19,572</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="a55ebb18d1f3451f911a1b4adf9944d9" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Description and</div>

<div style="LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Maturity Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Principal Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CORPORATE BONDS 5.38%</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">AT&amp;T, Inc.</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">12/15/2042, 4.300%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">951,722</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</div>
</div>
</div>

<div style="WIDTH: 49%; FLOAT: right" id="EFPFTCR">
<div>
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="918972617f834139993142b606065732" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Description and</div>

<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Maturity Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Principal Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CORPORATE BONDS (continued)</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">Bank of America Corp.</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Series K, Perpetual Maturity, 8.000%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,200,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,171,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">Citigroup, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Series N, Perpetual Maturity, 5.800%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,900,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,840,625</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Citizens Financial Group, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Perpetual Maturity, 5.500% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(e)(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,900,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,819,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">General Motors Co.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">04/01/2035, 5.000%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,150,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,148,703</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">Liberty Mutual Group, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">08/01/2044, 4.850%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(e)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">965,546</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">SunTrust Banks, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Perpetual Maturity, 5.625%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,500,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,481,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">Western Digital Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">04/01/2024, 10.500%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(e)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,007,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,956,825</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL CORPORATE BONDS</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Cost $12,531,257)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">12,335,421</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom" colspan="8">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">GOVERNMENT &amp; AGENCY OBLIGATIONS 33.24%</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">U.S. Treasury Bonds</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">11/15/2026, 6.500%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,600,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,313,656</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">08/15/2029, 6.125%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">9,500,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">14,044,781</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">02/15/2031, 5.375%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">7,200,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">10,245,096</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">02/15/2041, 4.750%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,100,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,551,623</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">U.S. Treasury Notes</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">01/31/2017, 0.500%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,999,804</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">01/31/2017, 3.125%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">10,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">10,191,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">05/15/2017, 4.500%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">5,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">5,199,805</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">07/31/2017, 0.625%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">5,700,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">5,698,774</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">08/15/2017, 4.750%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">15,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">15,789,555</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">09/15/2017, 1.000%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,013,476</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">09/30/2017, 0.625%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">2,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,998,554</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">02/15/2018, 3.500%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">4,000,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">4,195,624</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="8">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL GOVERNMENT &amp; AGENCY OBLIGATIONS</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Cost $75,809,752)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">76,242,548</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif"><br style="LINE-HEIGHT: 1.15">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="9001b92bbba04363b7d188bf32d85fdc" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SHORT-TERM INVESTMENTS 4.43%</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Money Market Fund 4.43%</div>
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<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.200% 7-day yield)</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">10,152,889</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">10,152,889</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL SHORT-TERM INVESTMENTS</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Cost $10,152,889)</div>
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<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">10,152,889</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">16</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">www.cloughglobal.com</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Clough Global Equity Fund</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15">Statement of Investments</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
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 April 30, 2016 (Unaudited)</div>

<div style="WIDTH: 49%; FLOAT: left" id="EFPFTCL">
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<div></div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Investments - 159.93%</div>
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<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 77%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">(Cost $364,195,455)</div>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">366,762,494</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 77%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Liabilities in Excess of Other Assets - (59.93%)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(h)</sup>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(137,428,735</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">NET ASSETS - 100.00%</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
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<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">229,333,759</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SCHEDULE OF SECURITIES</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SOLD SHORT <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COMMON STOCKS (25.78%)</div>
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<td style="TEXT-ALIGN: center; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Discretionary (1.21%)</div>
</td>
<td style="TEXT-ALIGN: center; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Auto Components (0.43%)</div>
</td>
<td style="TEXT-ALIGN: center; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Bridgestone Corp.</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(25,400</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(982,579</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Specialty Retail (0.78%)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Tiffany &amp; Co.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(10,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(734,905</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Williams-Sonoma, Inc.</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(17,800</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,046,284</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,781,189</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL CONSUMER DISCRETIONARY</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(2,763,768</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Staples (5.21%)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Campbell Soup Co.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(16,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(987,360</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">ConAgra Foods, Inc.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(21,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(975,864</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">General Mills, Inc.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(16,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(981,440</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Hormel Foods Corp.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(26,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,021,575</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Kellogg Co.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(13,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(998,530</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Kimberly-Clark Corp.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(7,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(926,406</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Monster Beverage Corp.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(9,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,413,356</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">PepsiCo, Inc.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(9,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(988,416</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Philip Morris International, Inc.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(10,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(981,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">The Procter &amp; Gamble Co.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(14,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,161,740</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Tyson Foods, Inc. - Class A</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(15,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,007,046</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Wal-Mart Stores, Inc.</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(7,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(514,899</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(11,957,832</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Energy (3.50%)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Atwood Oceanics, Inc.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(146,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,412,292</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Inpex Corp.</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(75,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(626,916</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Noble Corp., PLC</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(203,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(2,283,059</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Rowan Cos., PLC - Class A</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(105,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,986,336</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Transocean, Ltd.</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(154,800</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,715,184</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(8,023,787</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financials (4.96%)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Capital Markets (1.06%)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Credit Suisse Group AG -Sponsored ADR</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(48,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(739,206</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Deutsche Bank AG</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(88,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,681,752</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(2,420,958</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Commercial Banks (1.73%)</div>
</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">ABN AMRO Group NV</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(35,165</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(751,760</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>
</div>
</div>
</div>

<div style="WIDTH: 49%; FLOAT: right" id="EFPFTCR">
<div>
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="c102d2b104aa460687f2f4ca45cfc012" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SCHEDULE OF SECURITIES</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SOLD SHORT <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup> (continued)</div>
</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financials (continued)</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
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</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Intesa Sanpaolo SpA</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(261,816</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(725,498</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Itau Unibanco Holding S.A. - Preference Shares,Sponsored ADR</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(199,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,903,141</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">United Overseas Bank, Ltd.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(42,500</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(587,798</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(3,968,197</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Consumer Finance (1.82%)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Ally Financial, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(50,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(904,748</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">American Express Co.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(24,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,616,121</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Synchrony Financial</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(53,900</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,647,723</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(4,168,592</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Real Estate Management &amp; Development (0.35%)</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Swire Pacific, Ltd. - Class A</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(74,500</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(810,127</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL FINANCIALS</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(11,367,874</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Health Care (2.16%)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">AmerisourceBergen Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(16,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,378,620</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Celgene Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(2,850</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(294,718</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Eli Lilly &amp; Co.</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(13,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,012,102</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Mallinckrodt PLC</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(7,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(456,396</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Merck &amp; Co., Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(10,800</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(592,272</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">United Therapeutics Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(5,000</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(526,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Varian Medical Systems, Inc.</div>
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<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(8,600</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(698,148</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(4,958,256</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Industrials (5.41%)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Air France-KLM</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(26,747</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(239,868</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">The Boeing Co.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(13,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,860,240</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Caterpillar, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(23,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(19,400</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">International Business Machines Corp.</div>
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<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(40,235</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(5,871,896</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(7,020,824</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15">17</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Clough Global Equity Fund</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15">Statement of Investments</div>
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 April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SCHEDULE OF SECURITIES</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SOLD SHORT <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup> (continued)</div>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
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<td style="WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Materials (0.27%)</div>
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<td style="TEXT-ALIGN: center; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Potash Corp. of Saskatchewan, Inc.</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(34,300</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(607,796</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr style="HEIGHT: 20px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL COMMON STOCKS</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Proceeds $56,742,081)</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">(59,105,263</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">)</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">EXCHANGE TRADED FUNDS (10.95%)</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">iShares<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> Russell 2000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174; </sup>ETF</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(17,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(1,932,592</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Market Vectors<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> Semiconductor ETF</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(80,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(4,228,276</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">SPDR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174; </sup>S&amp;P 500<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174; </sup>ETF Trust</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(63,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(13,048,475</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">SPDR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174; </sup>S&amp;P Retail ETF</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(68,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(3,018,860</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Technology Select Sector SPDR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174; </sup>Fund</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(68,500</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(2,885,905</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL EXCHANGE TRADED FUNDS</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Proceeds $24,134,223)</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(25,114,108</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL SECURITIES SOLD SHORT</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Proceeds $80,876,304)</div>
</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(84,219,371</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif"><br style="LINE-HEIGHT: 1.15">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="22f4123951d2432683f2be0d8b0370e3" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-SIZE: 11pt">Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of April</font>&#160;<font style="FONT-STYLE: italic; FONT-SIZE: 11pt">30, 2016, the aggregate market value of those securities was</font>&#160;<font style="FONT-STYLE: italic; FONT-SIZE: 11pt">$266,280,502, representing 116.11% of net assets. (See Note 1 and Note 6)</font></div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="75907a3bd24941dbaeedbde543bff72e" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(b) </sup></div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-SIZE: 11pt">Loaned security; a portion or all of the security is on loan as of</font>&#160;<font style="FONT-STYLE: italic; FONT-SIZE: 11pt">April 30, 2016.</font></div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Non-income producing security.</div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(d)</sup></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-SIZE: 11pt">Fair valued security; valued by management in accordance with procedures approved by the Fund's Board of Trustees. As of</font>&#160;<font style="FONT-STYLE: italic; FONT-SIZE: 11pt">April 30, 2016, these securities had an aggregate market value of $2,854,725 or 1.24% of total net assets.</font></div>
</td>
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="7111dd87bc22489db30665c21be1b754" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(e)</sup></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Security exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional&#160;<font style="FONT-STYLE: italic; FONT-SIZE: 11pt">buyers. As of April 30, 2016, these securities had an aggregate</font>&#160;<font style="FONT-STYLE: italic; FONT-SIZE: 11pt">market value of $12,028,317 or 5.24% of net assets.</font></div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(f)</sup></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-SIZE: 11pt">Floating or variable rate security - rate disclosed as of April 30,</font>&#160;<font style="FONT-STYLE: italic; FONT-SIZE: 11pt">2016.</font></div>
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<div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(g)</sup></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-SIZE: 11pt">This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of</font>&#160;<font style="FONT-STYLE: italic; FONT-SIZE: 11pt">interest.</font></div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(h)</sup></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Includes cash which is being held as collateral for total return swap contracts.</div>
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<div>&#160;</div>
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<td style="WIDTH: 44.07%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">18</div>
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<td style="WIDTH: 55.93%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">www.cloughglobal.com</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: normal">Clough Global Equity Fund</div>
</td>
<td style="WIDTH: 47.42%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-STYLE: normal">Statement of Investments</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
 April 30, 2016 (Unaudited)</div>

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</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL RETURN SWAP CONTRACTS</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif"><br style="LINE-HEIGHT: 1.15">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="9f2ec566fea6458f8e5a40f170550e93" border="0" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 37px">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Counter Party</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Reference Entity/Obligation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notional</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Floating Rate</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Paid by the Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Floating Rate</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Index</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Termination</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt"><font style="FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Unrealized </font><font style="FONT-SIZE: 11pt; FONT-WEIGHT: bold">Appreciation</font></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">Morgan Stanley</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">Zhengzhou Yutong Bus Co., Ltd.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">182,252</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">55 bps +</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1D FEDEF</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1 D FEDEF</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">01/05/2017</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,412</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">182,252</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">3,412</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="91a74a7421204e9e98f0df4466165fe3" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Counter Party</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Reference Entity/Obligation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notional</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Floating Rate</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Paid by the Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Floating Rate</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Index</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Termination</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Unrealized Depreciation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">Credit Suisse</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">Jiangsu Hengrui Medicine Co., Ltd. - Class A</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,132,234</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">75 bps +</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1M LIBOR</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1 M LIBOR</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">05/26/2016</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(106,541</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,132,234</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;&#160;&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(106,541</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">1,314,486</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;&#160;&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">(103,129</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See Notes to the Financial Statements.</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div>
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<tr style="HEIGHT: 15px">
<td style="WIDTH: 61.73%; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
</td>
<td style="WIDTH: 38.27%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15">19</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

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<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
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<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

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<td style="WIDTH: 56.98%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Opportunities Fund</div>
</td>
<td style="WIDTH: 43.02%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Statement of Investments</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
<font style="FONT-SIZE: 11pt">April 30, 2016 (Unaudited)</font></div>

<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">&#160;</div>

<div style="WIDTH: 49%; FLOAT: left" id="EFPFTCL">
<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="a550ebb8d2a240d79f45fddc70450812" border="0" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 18px">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COMMON STOCKS 109.71%</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Discretionary 22.61%</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Diversified Consumer Services 1.06%</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Service Corp. International<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">232,400</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,198,108</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Household Durables 4.36%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">DR Horton, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">210,301</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,321,648</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Lennar Corp. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">240,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,883,462</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">PulteGroup, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">250,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,601,178</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Sony Corp. - Sponsored ADR</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,666</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">88,350</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">TRI Pointe Group, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">93,202</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,081,143</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">William Lyon Homes - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">179,676</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,533,432</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">25,509,213</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Internet &amp; Catalog Retail 5.63%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Amazon.com, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,924</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,545,771</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">JD.com, Inc. - ADR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">57,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,472,256</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty Ventures - Series A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">515,671</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">20,626,840</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Wayfair, Inc. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">113,300</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,277,075</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">32,921,942</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Media 8.74%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Cable One, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,517,232</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Comcast Corp. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">156,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,527,168</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">IMAX Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">324,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,387,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty Braves Group - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12,546</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">196,213</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty Braves Group - Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14,551</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">217,104</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty Broadband Corp. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">52,014</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,981,443</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty Broadband Corp. - Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">197,067</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,282,086</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty Media Corp. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">31,364</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">573,961</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty Media Group - Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">36,378</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">654,804</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty SiriusXM Group - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">125,456</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,111,193</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Liberty SiriusXM Group - Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">145,512</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,659,294</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">51,107,698</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Specialty Retail 2.24%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">CarMax, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">72,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,822,990</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Signet Jewelers, Ltd.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">85,746</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,308,586</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13,131,576</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>
</div>

<div style="WIDTH: 49%; FLOAT: right" id="EFPFTCR">
<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="21ee944012244b34bf3c57489791f21d" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Discretionary (continued)</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Textiles 0.58%</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Anta Sports Products, Ltd.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,317,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,368,521</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL CONSUMER DISCRETIONARY&#160;</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">132,237,058</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Staples 0.64%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">CVS Health Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">37,400</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,758,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Energy 27.75%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Anadarko Petroleum Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">128,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,779,660</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Antero Resources Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">110,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,124,320</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Apache Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">187,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,172,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">BP PLC - Sponsored ADR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">717,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">24,076,860</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Concho Resources, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">89,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,397,215</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Continental Resources, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">282,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,507,320</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Devon Energy Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">162,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,638,968</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Energen Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">92,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,930,325</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Fairway Energy Partners LLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)(d)(e)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">536,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,427,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Hess Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">159,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,491,504</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Marathon Oil Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">508,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,160,538</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Newfield Exploration Co.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">123,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,458,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Noble Energy, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">103,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,744,607</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Occidental Petroleum Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">60,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,667,985</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Parsley Energy, Inc. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">245,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,744,926</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Pioneer Natural Resources Co.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">66,930</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,117,073</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Royal Dutch Shell PLC - Class A</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">70,191</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,825,049</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Sanchez Energy Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">514,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,625,355</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Schlumberger, Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">31,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,506,608</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Statoil ASA - Sponsored ADR</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">254,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,469,619</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Total S.A. - Sponsored ADR</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">168,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,536,150</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Whiting Petroleum Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">69,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">838,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">WPX Energy, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">970,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,373,098</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">YPF S.A. - Sponsored ADR</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">183,200</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,691,480</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr style="HEIGHT: 21px">
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">162,306,010</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financials 23.63%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Business Development Corporations 3.02%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Ares Capital Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">716,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,886,673</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Golub Capital BDC, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">384,357</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,745,466</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,632,139</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Capital Markets 1.15%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Atlas Mara, Ltd.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)(e)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">764,522</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,295,090</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">CITIC Securities Co., Ltd. - Class H</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,546,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,416,112</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,711,202</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
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<div style="LINE-HEIGHT: 1.15; CLEAR: both; FONT-SIZE: 11pt">&#160;</div>
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<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Statement of Investments</div>
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<font style="FONT-SIZE: 11pt">April 30, 2016 (Unaudited)</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
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<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,680,710</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">24,471,138</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">492,427</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">22,789,521</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
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<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">63,900</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,038,480</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">51,299,139</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Insurance 2.44%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">American International Group, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
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<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">255,900</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14,284,338</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Real Estate Investment Trusts 7.11%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">American Capital Agency Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">633,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,639,232</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Ladder Capital Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">228,511</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,721,566</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">PennyMac Mortgage Investment Trust<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">332,291</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,515,835</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Starwood Property Trust, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">638,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12,351,680</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Two Harbors Investment Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,326,122</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,383,535</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">41,611,848</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Thrifts &amp; Mortgage Finance 1.14%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">MGIC Investment Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">924,913</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,687,121</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL FINANCIALS</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">138,225,787</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Health Care 12.31%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Actelion, Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">24,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,938,419</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Akorn, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">121,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,084,540</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Albany Molecular Research, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">247,360</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,722,768</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Alexion Pharmaceuticals, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,072,456</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Allergan PLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">25,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,587,248</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Amsurg Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">36,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,931,476</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Becton Dickinson and Co.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,306,206</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Boston Scientific Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">67,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,477,408</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Bristol-Meyers Squibb Co.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">57,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,157,568</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Cardiome Pharma Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">635,070</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,845,114</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Cerner Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">61,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,458,224</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Corindus Vascular Robotics, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">606,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">637,140</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Dynavax Technologies Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">112,999</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,854,314</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Edwards Lifesciences Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,486,940</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">HCA Holdings, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">18,247</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,471,073</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Healthways, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">482,133</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,616,849</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Intra-Cellular Therapies, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">75,162</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,579,560</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Intrexon Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">33,672</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">900,052</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Jazz Pharmaceuticals PLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13,423</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,022,846</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Keryx Biopharmaceuticals, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">350,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,905,088</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>
</div>

<div style="WIDTH: 49%; FLOAT: right" id="EFPFTCR">
<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="08488785d1fa4af396489c089b5336f4" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Health Care (continued)</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Kura Oncology, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">288,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">962,588</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Medtronic PLC</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,242,655</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Perrigo Co., PLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,514</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">629,708</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Shire PLC - ADR</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,830,042</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Sinopharm Group Co., Ltd. - Class H</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">583,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,505,367</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Team Health Holdings, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">27,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,129,410</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Valeant Pharmaceuticals International, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">184,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,158,256</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Veracyte, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">250,082</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,450,476</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Vertex Pharmaceuticals, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">35,900</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,027,806</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">71,991,597</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Industrials 7.86%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Allison Transmission Holdings, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(e)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">253,110</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,292,099</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Armstrong World Industries, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">113,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,627,854</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Kansas City Southern<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">82,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,816,875</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">TransDigm Group, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">61,836</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14,090,569</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">ViaSat, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">158,435</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12,151,965</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">45,979,362</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Information Technology 11.43%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Alibaba Group Holding, Ltd. - Sponsored ADR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">32,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,469,774</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Alphabet, Inc. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,367</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,630,712</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Alphabet, Inc. - Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,880</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,460,919</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Broadcom, Ltd.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">43,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,383,850</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Crown Castle International Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top"> (a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">78,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,794,016</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Facebook, Inc. - Class A<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">67,870</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,980,154</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Lam Research Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top"> (a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">106,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,121,320</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Microsoft Corp.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top"> (a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">75,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,765,185</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Monolithic Power Systems, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">56,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,532,972</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">NetEase, Inc. - ADR</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">24,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,503,430</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Nintendo Co., Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">25,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,617,829</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Palo Alto Networks, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">23,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,605,793</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">salesforce.com, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
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<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,002,800</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">66,868,754</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Materials 2.23%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">307,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,743,137</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Chr Hansen Holding A/S</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">34,443</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,143,513</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">&#160;</div>

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<td style="WIDTH: 38.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt">21</div>
</td>
</tr>
</table>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt"><br style="LINE-HEIGHT: 1.15">
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt"><br style="LINE-HEIGHT: 1.15">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Opportunities Fund</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Statement of Investments</div>
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<div>
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">April 30, 2016 (Unaudited)</div>
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<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="WIDTH: 49%; FLOAT: left" id="EFPFTCL">
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<div style="CLEAR: both">
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Materials (continued)</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">GCP Applied Technologies, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(c)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">96,300</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,131,119</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13,017,769</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Telecommunication Services 1.25%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">China Mobile, Ltd.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">314,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,606,437</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Nippon Telegraph &amp; Telephone Corp.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">80,200</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,666,286</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,272,723</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="FONT-SIZE: 11pt">TOTAL COMMON STOCKS</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font><font style="FONT-SIZE: 11pt">(Cost $640,114,780)</font></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">641,657,760</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PARTICIPATION NOTES 1.64%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Staples 0.89%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Kweichow Moutai Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/09/2017</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">134,407</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,206,730</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Industrials 0.75%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Zhengzhou Yutong Bus Co., Ltd. - Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 10/27/2017</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,394,211</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,409,788</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL PARTICIPATION NOTES</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Cost $9,265,660)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,616,518</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">WARRANTS 0.01%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Atlas Mara, Ltd., Strike price $11.50, Expires 12/17/2017<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(e)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">487,322</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">48,732</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 34px">
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL WARRANTS</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Cost $4,873)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">48,732</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt"><br style="LINE-HEIGHT: 1.15">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="ca11e7e425a44f748702e30a8dc5c452" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Description and</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Maturity Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Principal Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CORPORATE BONDS 12.73%</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">AT&amp;T, Inc.</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">12/15/2042, 4.300%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,855,166</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Autodesk, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">12/15/2022, 3.600%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,600,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,627,171</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>
</div>
</div>

<div style="WIDTH: 49%; FLOAT: right" id="EFPFTCR">
<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="12b6d4c9211b498887c073fc23e2c580" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Description and</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Maturity Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Principal Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CORPORATE BONDS (continued)</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Bank of America Corp.</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Series K, Perpetual Maturity, 8.000%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">600,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">585,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Bank of New York Mellon Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 10px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Series D, Perpetual Maturity, 4.500%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,800,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,644,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">BankUnited, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">11/17/2025, 4.875%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,500,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,543,621</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Citigroup, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Series N, Perpetual Maturity, 5.800%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,800,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,650,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Series P, Perpetual Maturity, 5.950%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,600,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,428,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Citizens Financial Group, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Perpetual Maturity,<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#160;</sup>5.500%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top"> (a)(e)(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,250,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,984,375</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Ford Motor Credit Co. LLC</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">10/01/2018, 2.875%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,127,380</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">General Motors Co.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">04/01/2035, 5.000%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,100,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,096,503</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Goldman Sachs Group, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Series M, Perpetual Maturity, 5.375%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,750,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,657,188</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Liberty Mutual Group, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">08/01/2044, 4.850%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(e)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,896,638</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Manufacturers &amp; Traders Trust Co.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">12/01/2021, 5.629%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(f)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,250,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,092,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Morgan Stanley</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Series J, Perpetual Maturity, 5.550%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,200,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,180,750</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">NextEra Energy Capital Holdings, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">09/15/2019, 2.700%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,041,052</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">SunTrust Banks, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Perpetual Maturity, 5.625%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(b)(f)(g)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,300,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,245,250</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Textron Financial Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">02/15/2067, 6.000%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)(e)(f)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,200,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,760,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Western Digital Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">04/01/2024, 10.500%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(e)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,169,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,039,775</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL CORPORATE BONDS</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Cost $76,537,098)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">74,456,719</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom" colspan="7">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">GOVERNMENT &amp; AGENCY OBLIGATIONS 31.47%</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">U.S. Treasury Bonds</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">08/15/2026, 6.750%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,800,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,094,398</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">11/15/2026, 6.500%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,300,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,110,020</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">08/15/2029, 6.125%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">22,750,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">33,633,554</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">02/15/2031, 5.375%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">25,300,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">36,000,129</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">02/15/2041, 4.750%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,600,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,488,604</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">U.S. Treasury Notes</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">01/31/2017, 0.500%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,999,804</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">01/31/2017, 3.125%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">20,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">20,383,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
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<tr>
<td style="WIDTH: 44.07%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt">22</div>
</td>
<td style="WIDTH: 55.93%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
</td>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt"><br style="LINE-HEIGHT: 1.15">
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<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
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<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
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<td style="WIDTH: 55.9%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Opportunities Fund</div>
</td>
<td style="WIDTH: 44.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Statement of Investments</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="d677859021ed4b43ac70ff10770c6247" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 44.1%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">April 30, 2016 (Unaudited)</div>
</td>
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</table>
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<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="WIDTH: 49%; FLOAT: left" id="EFPFTCL">
<div>
<div style="CLEAR: both">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="07ee6ffb44ca4d5783d673afedb7f437" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 54%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Description and</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Maturity Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Principal Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="8">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">GOVERNMENT &amp; AGENCY OBLIGATIONS (continued)</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">05/15/2017, 4.500% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">20,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">20,799,220</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">07/31/2017, 0.625% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,800,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,797,678</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">08/15/2017, 4.750% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">20,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">21,052,740</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">09/15/2017, 1.000% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,022,460</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">02/15/2018, 3.500% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14,000,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14,684,684</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold" valign="bottom" colspan="8">TOTAL GOVERNMENT &amp; AGENCY OBLIGATIONS </td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Cost $182,696,551)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">184,066,891</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt"><br style="LINE-HEIGHT: 1.15">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="d2358689d5a74574b71f413a49559c9a" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SHORT-TERM INVESTMENTS 3.37%</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Money Market Fund 3.37%</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">BlackRock Liquidity Funds, T-Fund Portfolio - Institutional Class (0.200% 7-day yield)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">19,715,100</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">19,715,100</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL SHORT-TERM INVESTMENTS</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Cost $19,715,100)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">19,715,100</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Investments - 158.93%</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">(Cost $928,334,062)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">929,561,720</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Liabilities in Excess of Other Assets - (58.93%)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(h)</sup></div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(344,669,684</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">NET ASSETS - 100.00%</div>
</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">584,892,036</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="8cf76637b4de4c669a4f0814888585d7" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SCHEDULE OF SECURITIES</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SOLD SHORT <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COMMON STOCKS (25.50%)</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Discretionary (1.20%)</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Auto Components (0.43%)</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Bridgestone Corp.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(64,200</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,483,526</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Specialty Retail (0.77%)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Tiffany &amp; Co.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(26,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,855,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Williams-Sonoma, Inc.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(45,200</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,656,856</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,511,956</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL CONSUMER DISCRETIONARY</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(6,995,482</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Staples (5.18%)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Campbell Soup Co.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(40,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,511,597</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">ConAgra Foods, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(55,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,473,080</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">General Mills, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(40,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,496,538</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Hormel Foods Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(67,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,586,705</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Kellogg Co.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(32,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,527,049</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Kimberly-Clark Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(18,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,328,534</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Monster Beverage Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(25,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3,605,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">PepsiCo, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(24,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,512,224</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>
</div>
</div>
</div>

<div style="WIDTH: 49%; FLOAT: right" id="EFPFTCR">
<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="2bc0f35ab310408a82e2789fa72cfec9" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SCHEDULE OF SECURITIES</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SOLD SHORT <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup> (continued)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Consumer Staples (continued)</div>
</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Philip Morris International, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(25,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,482,436</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">The Procter &amp; Gamble Co.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(36,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,948,416</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Tyson Foods, Inc. - Class A</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(38,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,540,652</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Wal-Mart Stores, Inc.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(19,600</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,310,652</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(30,323,383</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Energy (3.46%)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Atwood Oceanics, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(369,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3,571,302</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Inpex Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(190,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,586,071</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Noble Corp., PLC</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(514,600</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(5,778,958</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Rowan Cos., PLC - Class A</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(267,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(5,027,913</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Transocean, Ltd.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(387,344</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,291,772</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(20,256,016</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financials (4.90%)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Capital Markets (1.05%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Credit Suisse Group AG - Sponsored ADR</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(123,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,875,393</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Deutsche Bank AG</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(224,600</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,258,416</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(6,133,809</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Commercial Banks (1.70%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">ABN AMRO Group NV</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(89,015</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,902,971</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Intesa Sanpaolo SpA</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(662,421</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,835,583</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Itau Unibanco Holding S.A. - Preference Shares, Sponsored ADR</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(495,421</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,721,362</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">United Overseas Bank, Ltd.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(105,500</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,459,122</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(9,919,038</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Consumer Finance (1.80%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Ally Financial, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(128,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,286,804</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">American Express Co.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(62,400</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,082,832</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Synchrony Financial</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(136,400</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,169,748</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10,539,384</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Real Estate Management &amp; Development (0.35%)</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Swire Pacific, Ltd. - Class A</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(189,000</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,055,222</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL FINANCIALS</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(28,647,453</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Health Care (2.12%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">AmerisourceBergen Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(40,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3,429,530</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Celgene Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(7,150</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(739,381</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Eli Lilly &amp; Co.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(33,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,552,914</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Mallinckrodt PLC</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(17,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,119,108</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Merck &amp; Co., Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(27,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,491,648</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">United Therapeutics Corp.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(12,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,336,040</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Varian Medical Systems, Inc.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(21,400</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,737,252</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(12,405,873</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Industrials (5.34%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Air France-KLM</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(67,450</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(604,894</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>
</div>
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<div style="CLEAR: both"></div>

<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">&#160;</div>

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<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="343c7355333d4b1188511a912fe50757" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 61.58%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
</td>
<td style="WIDTH: 38.42%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt">23</div>
</td>
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</table>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt"><br style="LINE-HEIGHT: 1.15">
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt"><br style="LINE-HEIGHT: 1.15">
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Opportunities Fund</div>
</td>
<td style="WIDTH: 43.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Statement of Investments</div>
</td>
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<div>
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<tr>
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<td style="WIDTH: 43.82%; VERTICAL-ALIGN: top">
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</table>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt"><br style="LINE-HEIGHT: 1.15">
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<div style="WIDTH: 49%; FLOAT: left" id="EFPFTCL">
<div>
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<tr style="HEIGHT: 33px">
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SCHEDULE OF SECURITIES SOLD SHORT <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c) </sup>(continued)</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Shares</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Value</div>
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<tr>
<td style="WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">The Boeing Co.</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(34,900</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,704,520</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Caterpillar, Inc.</div>
</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(58,100</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,515,532</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Deutsche Lufthansa AG</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(225,986</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3,508,859</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt"><font style="FONT-SIZE: 11pt">International Consolidated </font>Airlines Group S.A.</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(571,456</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,383,663</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
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</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(154,363</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3,710,054</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Petrofac, Ltd.</div>
</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(141,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
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</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,744,592</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Rolls-Royce Holdings PLC - Class C<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(d)</sup></div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
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</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(558,808</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(5,733,898</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Spirit AeroSystems Holdings, Inc. - Class A</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(48,800</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,300,920</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(31,206,932</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Information Technology (3.04%)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Analog Devices, Inc.</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(51,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,911,744</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">International Business Machines Corp.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(101,750</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(14,849,395</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(17,761,139</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Materials (0.26%)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Potash Corp. of Saskatchewan, Inc.</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(86,900</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,539,868</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL COMMON STOCKS</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Proceeds $143,168,292)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(149,136,146</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">EXCHANGE TRADED FUNDS (10.92%)</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">iShares<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> Russell 2000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> ETF</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(43,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,865,188</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Market Vectors<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> Semiconductor ETF</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(203,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10,696,594</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">SPDR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> S&amp;P 500<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> ETF Trust</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(161,850</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(33,389,655</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">SPDR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> S&amp;P Retail ETF</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(172,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(7,624,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Technology Select Sector SPDR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">&#174;</sup> Fund</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(172,700</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(7,275,851</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL EXCHANGE TRADED FUNDS</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Proceeds $61,340,359)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(63,851,788</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 54%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 20%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 54%; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL SECURITIES SOLD SHORT</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Proceeds $204,508,651)</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; FONT-SIZE: 11pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(212,987,934</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>
</div>
</div>

<div style="WIDTH: 49%; FLOAT: right" id="EFPFTCR">
<div>
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="7bae6791cd6a4f0293784126cc2eed56" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif">Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of April</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif">30, 2016, the aggregate market value of those securities was</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif">$657,471,890, representing 112.41% of net assets. (See Note 1 and Note 6)</font></td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="b07b36bde6004604a758352295ae0b7d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(b)</sup></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif">Loaned security; a portion or all of the security is on loan as of</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif">April 30, 2016.</font></td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="f70f4dbb1afe49ec8a2ad7b98f6f85bd" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(c)</sup></td>
<td style="TEXT-ALIGN: justify; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Non-income producing security.</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="0f14387b422140a589a33946f8cbd8d1" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(d)</sup></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif">Fair valued security; valued by management in accordance with procedures approved by the Fund's Board of Trustees. As of</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif">April 30, 2016, these securities had an aggregate market value of $5,427,000 or 0.93% of total net assets. </font></td>
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<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(e)</sup></td>
<td style="TEXT-ALIGN: justify; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Security exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif">buyers. As of April 30, 2016, these securities had an aggregate</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif">market value of $35,744,209 or 6.11% of net assets.</font></td>
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="1e5332759bd14788a25eeb7ed114bf17" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(f)</sup></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif">Floating or variable rate security - rate disclosed as of April 30,</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif">2016.</font></td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
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<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(g)</sup></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif">This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif">interest.</font></td>
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<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(h)</sup></td>
<td style="TEXT-ALIGN: justify; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Includes cash which is being held as collateral for total return swap contracts.</td>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt">&#160;</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt">24</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Opportunities Fund</div>
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<td style="WIDTH: 43.93%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Statement of Investments</div>
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<td style="WIDTH: 56.07%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 43.93%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">April 30, 2016 (Unaudited)</div>
</td>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt"><br style="LINE-HEIGHT: 1.15">
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<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="61862a7833b34d6395df8686ea688245" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 41.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TOTAL RETURN SWAP CONTRACTS</div>
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<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt"><br style="LINE-HEIGHT: 1.15">
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<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Counter Party</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Reference Entity/Obligation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notional</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Floating Rate</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Paid by the Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Floating Rate</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Index</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Termination</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Unrealized Appreciation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Morgan Stanley</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Zhengzhou Yutong Bus Co., Ltd.</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">450,817</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">55 bps +</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1D FEDEF</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1 D FEDEF</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">01/05/2017</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,440</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">450,817</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,440</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15; FONT-SIZE: 11pt"><br style="LINE-HEIGHT: 1.15">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="1dbe839e542e4555840ec6cc9c53075c" border="0" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 38px">
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Counter Party</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Reference Entity/Obligation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Notional</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Floating Rate</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Paid by the Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Floating Rate</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Index</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Termination</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Date</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Unrealized Depreciation</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Credit Suisse</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Jiangsu Hengrui Medicine Co., Ltd. - Class A</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,792,702</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">75 bps +</div>

<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1M LIBOR</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1 M LIBOR</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">05/26/2017</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(262,788</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,792,702</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 14%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(262,788</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,243,519</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 14%; FONT-SIZE: 11pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
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<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(254,348</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See Notes to the Financial Statements.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Abbreviations:</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1D FEDEF - Federal Funds Effective Rate (Daily)</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">AB - Aktiebolag is the Swedish equivalent of the term corporation</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">ADR - American Depositary Receipt</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">A/S - Aktieselskab, Joint Stock Company in Denmark.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">ASA - Allmennaksjeselskap is the Norwegian term for public limited company.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">BDC - Business Development Company.</font>&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">bps - Basis Points</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">ETF - Exchange Traded Fund</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1M LIBOR - London Interbank Offered Rate (Monthly)</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">LLC - Limited Liability Corporation</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Ltd. - Limited</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">NV - Naamloze Vennootschap (Dutch: Limited Liability Company)</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">OYJ - Osakeyhtio is the Finnish equivalent of a public limited company.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">PLC - Public Limited Company</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">REIT - Real Estate Investment Trust</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">S.A. - Generally designates corporations in various countries, mostly those employing the civil law.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SpA - Societa` Per Azioni is an Italian shared company</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">S&amp;P - Standard &amp; Poor's</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">SPDR - Standard &amp; Poor's Depositary Receipt</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">For Fund compliance purposes, each Fund&#8217;s industry classifications refer to any one of the industry sub-classifications used by one or more widely recognized market indexes, and/or as defined by each Fund's management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percent of net assets. These industry classifications are unaudited.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See Notes to the Financial Statements.</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Statements of Assets and Liabilities</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Opportunities Fund</div>
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<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ASSETS:</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Investments, at value (Cost - see below)*</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">225,253,166</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">366,762,494</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">929,561,720</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Cash</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,907,731</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,777,357</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,671,108</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Deposit with broker for futures contracts</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,535</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15,892</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">41,319</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Deposit with broker for securities sold short</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">52,621,934</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">84,725,977</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">214,487,612</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Deposit with brokers for total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,775,754</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,922,890</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15,562,454</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Unrealized appreciation on total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,040</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,412</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,440</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Dividends receivable</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">131,039</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">188,857</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">459,414</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Interest receivable</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">765,092</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">819,302</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,946,049</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Receivable for investments sold</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,424,601</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">27,280,669</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">68,450,750</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">301,890,892</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">488,496,850</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,237,188,866</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">LIABILITIES:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Foreign currency due to custodian (Cost $15,426, $25,076 and $63,372)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15,428</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">25,080</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">63,381</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Loan payable</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">93,300,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">156,000,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">388,900,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Interest due on loan payable</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,392</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,376</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">43,317</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Securities sold short (Proceeds $49,667,060, $80,876,304 and $204,508,651)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">51,726,482</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">84,219,371</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">212,987,934</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Payable for investments purchased</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,898,897</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">18,007,080</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">48,037,297</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Unrealized depreciation on total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">63,599</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">106,541</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">262,788</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Dividends payable - short sales</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">134,833</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">221,695</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">556,816</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Interest payable - margin account</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">22,773</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">37,236</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">93,823</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Accrued investment advisory fee</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">174,495</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">364,059</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,023,685</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Accrued administration fee</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">71,044</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">129,443</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">327,579</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Other payables and accrued expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">210</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">35,210</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">210</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Liabilities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">157,418,153</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">259,163,091</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">652,296,830</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">144,472,739</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">229,333,759</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">584,892,036</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Cost of Investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">223,044,358</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">364,195,455</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">928,334,062</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COMPOSITION OF NET ASSETS:</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Paid-in capital</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">165,478,928</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">263,692,992</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">712,547,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Overdistributed net investment loss</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10,320,720</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(22,025,612</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(52,411,322</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Accumulated net realized loss on investment securities, futures contracts, securities sold short, written options, total return swap contracts and foreign currency transactions</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10,772,227</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(11,453,336</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(67,734,142</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net unrealized appreciation/(depreciation) in value of investment securities, securities sold short, total return swap contracts and translation of assets and liabilities denominated in foreign currency</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">86,758</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(880,285</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(7,510,400</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">144,472,739</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">229,333,759</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">584,892,036</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Shares of common stock outstanding of no par value, unlimited shares authorized</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,392,606</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,653,305</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">51,574,059</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net asset value per share</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13.90</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12.99</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11.34</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">* Securities Loaned, at value</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">78,191,277</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">133,264,090</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">342,698,874</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="bdf3e8219b6b42b29471c7c82a45a802" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 86.8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See Notes to the Financial Statements.</div>
</td>
<td style="WIDTH: 13.2%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="5ce27471039a490b836a7b1c568f978d" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 86.8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
</td>
<td style="WIDTH: 13.2%; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">27</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="b1fada01805b49a3addbf622cc6e4c10" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 30.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Funds</div>
</td>
<td style="WIDTH: 69.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Statements of Operations</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="6519dec1d3774a9cbd4e26010124c5a7" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 30.82%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 69.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">For the six months ended April 30, 2016 (Unaudited)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="0267235b98dd4b8092b5a9702456216c" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Allocation Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Equity Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Opportunities Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">INVESTMENT INCOME:</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Dividends (net of foreign withholding taxes of $2,956, $4,895 and $12,263)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,685,973</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,151,258</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,246,578</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Interest on investment securities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">977,271</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">680,086</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,369,160</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Hypothecated securities income (See Note 6)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">42,881</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">82,484</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">247,484</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,706,125</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,913,828</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,863,222</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">EXPENSES:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Investment advisory fee</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,103,738</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,332,248</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,494,434</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Administration fee</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">449,822</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">830,071</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,080,265</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Interest on loan</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">598,791</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,001,194</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,495,924</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Interest expense - margin account</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">167,417</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">299,369</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">685,560</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Trustees fee</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">69,193</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">69,193</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">69,193</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Dividend expense - short sales</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">593,997</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">972,379</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,450,962</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Other expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,085</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,085</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,085</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,984,043</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,505,539</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14,277,423</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Investment Loss</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(277,918</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,591,711</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(5,414,201</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NET REALIZED GAIN/(LOSS) ON:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Investment securities</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(11,297,078</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(18,291,708</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(53,435,265</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Futures contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(420,652</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(689,063</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,752,233</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Securities sold short</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,960,088</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3,990,612</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(12,180,158</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(691,258</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,119,698</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,811,097</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Foreign currency transactions</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(5,355</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(89,070</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(286,046</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Investment securities</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,985,986</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,927,887</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12,674,795</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Futures contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10,225</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(17,108</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(43,457</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Securities sold short</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,801,095</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,168,035</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,790,241</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">179,838</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">486,548</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">704,437</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Translation of assets and liabilities denominated in foreign currencies</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">164</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,166</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,101</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net loss on investment securities, futures contracts, securities sold short, total return swap contracts and foreign currency transactions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10,417,573</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(22,469,397</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(45,337,682</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Decrease in Net Assets Attributable to Common Shares from Operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10,695,491</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(25,061,108</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(50,751,883</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="a6449e96da3848359394c963e9093258" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 60.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See Notes to the Financial Statements.</div>
</td>
<td style="WIDTH: 39.74%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="6c412e546edb459581c73c2d12d36601" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 60.26%; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">28</div>
</td>
<td style="WIDTH: 39.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
</td>
</tr>
</table>

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</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
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<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="f7b56880fdc441d29d84de6964c19d0d" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 46.64%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Allocation Fund</div>
</td>
<td style="WIDTH: 53.36%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Statements of Changes in Net Assets</div>
</td>
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<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="5ef1a063b11b4e7aa87b61e32220a3e4" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the Six Months Ended April 30, 2016 (Unaudited)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the Year Ended October 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COMMON SHAREHOLDERS OPERATIONS:</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net investment loss</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(277,918</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,781,006</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net realized gain/(loss) from:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Investment securities</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(11,297,078</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15,967,179</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Futures contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(420,652</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(230,550</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Securities sold short</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,960,088</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">875,223</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Written options</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(64,853</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(691,258</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">492,704</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Foreign currency transactions</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(5,355</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(171,689</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Long-term capital gains distributions from other investment companies</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">134,798</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net change in unrealized appreciation/(depreciation) on:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Investment securities</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,985,986</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(12,030,047</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Futures contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10,225</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,225</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Securities sold short</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,801,095</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(672,541</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Written options</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">24,188</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">179,838</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(587,780</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Translation of assets and liabilities denominated in foreign currencies</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">164</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">22,010</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Increase/(Decrease) in Net Assets From Operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10,695,491</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">987,861</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DISTRIBUTIONS TO COMMON SHAREHOLDERS:</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net investment income</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(7,482,677</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(678,815</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net realized gains</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(14,017,538</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Decrease in Net Assets from Distributions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(7,482,677</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(14,696,353</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CAPITAL SHARE TRANSACTIONS</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Repurchase of fund shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(609,034</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Decrease in Net Assets From Share Transactions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(609,034</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Decrease in Net Assets Attributable to Common Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(18,178,168</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(14,317,526</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NET ASSETS ATTRIBUABLE TO COMMON SHARES:</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Beginning of period</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">162,650,907</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">176,968,433</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">End of period*</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">144,472,739</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">162,650,907</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">*Includes overdistributed net investment loss of:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10,320,720</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,560,125</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="593c10fa75d24764b0801a3fb0de0bc9" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 86.8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See Notes to the Financial Statements.</div>
</td>
<td style="WIDTH: 13.2%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="5160b5748d6b40159303b019ae8de034" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 86.8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
</td>
<td style="WIDTH: 13.2%; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">29</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="ffd8b9b3023c4c369b9f3039e7105d40" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 43.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Equity Fund</div>
</td>
<td style="WIDTH: 56.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Statements of Changes in Net Assets</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
<br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="fa798d0e2fc9430086d9bcb3c28566c2" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the Six Months Ended April 30, 2016 (Unaudited)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the Year Ended October 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COMMON SHAREHOLDERS OPERATIONS:</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net investment loss</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,591,711</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(7,967,081</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net realized gain/(loss) from:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Investment securities</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(18,291,708</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">25,881,488</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Futures contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(689,063</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(365,111</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Securities sold short</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3,990,612</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">510,269</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Written options</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(89,508</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,119,698</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">809,544</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Foreign currency transactions</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(89,070</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(309,402</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net change in unrealized appreciation/(depreciation) on:</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Investment securities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,927,887</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(17,087,295</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Futures contracts</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(17,108</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,108</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Securities sold short</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,168,035</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(666,023</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Written options</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">30,195</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">486,548</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,152,988</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Translation of assets and liabilities denominated in foreign currencies</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,166</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">47,769</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Decrease in Net Assets From Operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(25,061,108</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(341,035</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DISTRIBUTIONS TO COMMON SHAREHOLDERS:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net investment income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(12,180,780</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(728,765</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net realized gains</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(23,457,129</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Decrease in Net Assets from Distributions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(12,180,780</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(24,185,894</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CAPITAL SHARE TRANSACTIONS</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Repurchase of fund shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,726,913</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Decrease in Net Assets From Share Transactions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,726,913</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Decrease in Net Assets Attributable to Common Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(37,241,888</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(27,253,842</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NET ASSETS ATTRIBUABLE TO COMMON SHARES:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Beginning of period</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">266,575,647</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">293,829,489</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">End of period*</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">229,333,759</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">266,575,647</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">*Includes overdistributed net investment loss of:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(22,025,612</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(7,253,121</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="d16226553ff340a998704619848848df" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 60.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See Notes to the Financial Statements.</div>
</td>
<td style="WIDTH: 39.74%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="41a1ed8e1ec44478bdf44f15cc52b0b6" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 60.26%; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">30</div>
</td>
<td style="WIDTH: 39.74%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="d4197f2c61744dfc8dd6f3f02088ec9f" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 48.78%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Opportunities Fund</div>
</td>
<td style="WIDTH: 51.22%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Statements of Changes in Net Assets</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
<br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="bb5385350c974485955e9c55e863d848" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;&#160;&#160; &#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the Six Months Ended April 30, 2016 (Unaudited)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the Year Ended October 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">COMMON SHAREHOLDERS OPERATIONS:</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net investment loss</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(5,414,201</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(17,854,276</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net realized gain/(loss) from:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Investment securities</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(53,435,265</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">73,407,994</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Futures contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,752,233</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(943,537</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Securities sold short</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(12,180,158</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,220,497</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Written options</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(273,567</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,811,097</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,052,697</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Foreign currency transactions</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(286,046</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(796,416</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Long-term capital gains distributions from other investment companies</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,811</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net change in unrealized appreciation/(depreciation) on:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Investment securities</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12,674,795</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(53,855,662</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Futures contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(43,457</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">43,457</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Securities sold short</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,790,241</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,637,957</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Written options</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">106,238</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">704,437</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,415,201</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Translation of assets and liabilities denominated in foreign currencies</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,101</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">121,062</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Increase/(Decrease) in Net Assets From Operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(50,751,883</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">182,140</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DISTRIBUTIONS TO COMMON SHAREHOLDERS:</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net investment income</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(30,944,436</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net realized gains</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(61,512,262</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Decrease in Net Assets from Distributions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(30,944,436</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(61,512,262</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CAPITAL SHARE TRANSACTIONS</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Repurchase of fund shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,936,592</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Decrease in Net Assets From Share Transactions</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,936,592</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Decrease in Net Assets Attributable to Common Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(81,696,319</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(63,266,714</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NET ASSETS ATTRIBUABLE TO COMMON SHARES:</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Beginning of period</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">666,588,355</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">729,855,069</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">End of period*</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">584,892,036</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">666,588,355</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">*Includes overdistributed net investment loss of:</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(52,411,322</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(16,052,685</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="899001341fdb4ead8f1b7ee4d1cfb2e4" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 86.8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See Notes to the Financial Statements.</div>
</td>
<td style="WIDTH: 13.2%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="838ee40c9cd94ddfb030b46d5f68ed74" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 86.8%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
</td>
<td style="WIDTH: 13.2%; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">31</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="4d2f76889c844454820ada47457a2c8f" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 30.82%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Funds</div>
</td>
<td style="WIDTH: 69.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Statements of Cash Flows</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="f2e648ebe8904f48a0931e74061a37e9" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 30.82%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 69.18%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">For the six months ended April 30, 2016 (Unaudited)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="b5803e8b005b4debaed2dc3c76011a0a" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Allocation Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Equity Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Opportunities Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CASH FLOWS FROM OPERATING ACTIVITIES:</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net decrease in net assets from operations</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10,695,491</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(25,061,108</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(50,751,883</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by operating activities:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Purchase of investment securities</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(254,050,514</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(357,089,464</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(942,419,366</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Proceeds from disposition of investment securities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">252,193,104</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">337,937,842</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">911,012,319</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Proceeds from securities sold short transactions</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">166,678,559</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">273,518,382</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">687,077,977</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Cover securities sold short transactions</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(211,845,465</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(357,309,853</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(876,527,399</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Net proceeds from short-term investment securities</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,900,623</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">29,878,770</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">60,832,664</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Net realized loss from investment securities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,297,078</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">18,291,708</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">53,435,265</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Net realized loss on securities sold short</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,960,088</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,990,612</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12,180,158</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Net realized gain on foreign currency transactions</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(11</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Net change in unrealized (appreciation)/depreciation on investment securities</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,985,986</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,927,887</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(12,674,795</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Net change in unrealized appreciation on securities sold short</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,801,095</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,168,035</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(11,790,241</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Net change in unrealized appreciation on total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(179,838</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(486,548</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(704,437</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(164</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,166</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,101</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Net amortization/(accretion) of premiums/discounts</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">212,330</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">351,125</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">877,630</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Decrease in deposits with broker for futures contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">146,465</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">245,108</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">621,681</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Decrease in deposits with broker for securities sold short</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">44,920,892</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">84,527,438</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">186,273,892</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Decrease in deposits with brokers for total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,227,883</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,632,317</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,258,996</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Decrease in dividends receivable</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">39,032</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">54,683</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">79,302</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Increase in interest receivable</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(457,888</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(577,625</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,707,617</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Increase in interest due on loan payable</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,366</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,955</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,860</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Decrease in variation margin payable</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(18,525</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(30,994</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(78,731</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Increase in dividends payable - short sales</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">55,260</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">89,279</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">227,094</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Decrease in interest payable - margin account</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(38,962</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(81,790</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(161,271</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Decrease in accrued investment advisory fee</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(40,537</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(100,281</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(244,601</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Decrease in accrued administration fee</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(16,505</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(35,656</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(78,273</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Decrease in accrued trustees fee</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(148</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(148</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(148</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 25.95pt; FONT-SIZE: 11pt">Decrease in other payables and accrued expenses</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(265</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(29,999</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(265</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net cash provided by operating activities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,502,287</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,476,439</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">24,746,699</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CASH FLOWS FROM FINANCING ACTIVITIES:</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Cash distributions paid</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(7,482,677</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(12,180,780</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(30,944,436</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net cash used in financing activities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(7,482,677</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(12,180,780</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(30,944,436</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Effect of exchange rates on cash</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">164</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,166</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,101</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Change in Cash and Foreign Rates on Cash and Foreign Currency</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(980,226</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,703,175</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(6,196,636</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cash and foreign currency, beginning of period</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,872,529</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,455,452</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,804,363</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cash and foreign currency, end of period</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,892,303</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,752,277</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,607,727</div>
</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Cash paid during the period for interest from bank borrowing:</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">596,425</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">997,239</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,486,064</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See Notes to the Financial Statements.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">32</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Allocation Fund</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Financial Highlights</div>
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 For a share outstanding throughout the periods indicated</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Six</font> <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Months Ended</font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">April 30,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2016</font> <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Unaudited)</font></div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Ended October 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2015</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Period</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">October 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2014</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(1)</sup></div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">March 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2014</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">March 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2013</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">March 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">March 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PER COMMON SHARE OPERATING PERFORMANCE: </div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Net asset value &#8208; beginning of period</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.65</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.96</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17.51</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17.38</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.30</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">18.35</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.90</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Income from investment operations:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 11pt">Net investment income/(loss)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">*</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.03</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.27</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.12</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.26</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.01</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.26</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.38</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Net realized and unrealized gain/(loss) on investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.38</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.31</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.90</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.29</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.11</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.27</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Total Income/(Loss) from Investment Operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.03</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.11</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.19</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.64</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.28</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.85</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.65</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt; WIDTH: 23%; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" valign="bottom" colspan="12">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM: </div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Net investment income</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.72</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.07</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.14</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.24</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.90</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.20</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.20</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Net realized gains</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.34</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.60</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.27</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.30</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Total Distributions to Common Shareholders</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.72</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.41</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.74</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom" colspan="5">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CAPITAL SHARE TRANSACTIONS:</div>
</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Dilutive impact of capital share transactions<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">*</sup></div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.01</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Total Capital Share Transactions</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.01</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Net asset value &#8208; end of period</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13.90</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.65</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.96</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17.51</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17.38</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.30</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">18.35</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Market price &#8208; end of period</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11.68</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13.60</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14.60</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.18</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.07</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13.94</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.24</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; TEXT-INDENT: -9pt; WIDTH: 23%; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Total Investment Return &#8208; Net Asset Value:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(2)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(5.78</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.61</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.68</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11.14</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.19</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3.48</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17.30</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Total Investment Return &#8208; Market Price:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(2)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(8.89</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.57</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.97</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11.12</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17.81</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(6.73</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10.20</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt; WIDTH: 23%; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" valign="bottom" colspan="8">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">RATIOS AND SUPPLEMENTAL DATA:</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Net assets attributable to common shares, end of period (000s)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">144,473</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">162,651</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">176,968</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">182,737</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">181,309</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">170,120</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">191,502</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Ratios to average net assets attributable to common shareholders:</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Total expenses</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4.03</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.95</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.25</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.34</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.24</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.05</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.87</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Total expenses excluding interest expense and dividends on short sales expense</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.19</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.17</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.00</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.94</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.93</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.80</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.74</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Net investment income/(loss)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.38</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.58</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.15</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.47</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.04</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.61</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.28</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Portfolio turnover rate<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(4)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">113</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">172</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">110</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">179</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">192</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">172</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr style="HEIGHT: 5px">
<td style="BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt; WIDTH: 23%; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" valign="bottom" colspan="5">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Borrowings at End of Period</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Aggregate Amount Outstanding (000s)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">93,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">93,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">93,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">93,300</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">89,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">89,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">89,800</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Asset Coverage Per $1,000 (000s)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,548</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,743</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,897</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,959</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,019</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,894</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,133</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="80be7abf25f04108a1e20118ca73cb48" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">*</sup></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Based on average shares outstanding.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="7989f1de681a4427b636c15c78926d51" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(1)</sup></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Board announced, on September 12, 2014, approval to change the fiscal year-end of the Fund from March 31 to October 31 (See Note 1).</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="8bc9f902377a45348a830dec997a612d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(2)</sup></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total investment return is calculated assuming a purchase of a common share at the opening on the first day and a sale at the closing on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at price</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">obtained under the Fund's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions on the purchase or sale of</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">the Fund's common shares. Past performance is not a guarantee of future results. Total returns for the period indicated are not annualized.</font></div>
</td>
</tr>
</table>
</div>

<div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Annualized.</div>
</td>
</tr>
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</div>

<div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(4)</sup></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Portfolio turnover rate for periods less than one full year have not been annualized.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See Notes to the Financial Statements.

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</div>

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<td style="WIDTH: 86.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
</td>
<td style="WIDTH: 13.56%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt">33</div>
</td>
</tr>
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<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

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</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Equity Fund</div>
</td>
<td style="WIDTH: 65.52%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Financial Highlights</div>
</td>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
 For a share outstanding throughout the periods indicated</div>

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</div>

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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-INDENT: -9pt; WIDTH: 23%; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Six</font> <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Months</font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">April 30,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2016</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Unaudited)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the Year Ended October 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Period</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">October 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2014</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(1)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">March 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">March 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">March 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">March 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="12">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PER COMMON SHARE OPERATING PERFORMANCE: </div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Net asset value &#8208; beginning of period</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.10</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.47</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.63</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.53</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17.62</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.29</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Income from investment operations:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 11pt">Net investment income/(loss)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">*</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.15</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.45</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.17</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.33</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.06</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.21</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.30</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Net realized and unrealized gain/(loss) on investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.27</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.46</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.23</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.33</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.32</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.14</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.19</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Total Income/(Loss) from Investment Operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.42</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.01</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.06</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.00</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.26</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.93</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.49</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt; WIDTH: 23%; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" valign="bottom" colspan="12">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM: </div>
</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Net investment income</div>
</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.69</div>
</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.04</div>
</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.08</div>
</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.38</div>
</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.87</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.14</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.16</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Net realized gains</div>
</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.32</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.66</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.29</div>
</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Tax return of capital</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.02</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
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</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Total Distributions to Common Shareholders</div>
</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.69</div>
</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.74</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" valign="bottom" colspan="5">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CAPITAL SHARE TRANSACTIONS:</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Dilutive impact of capital share transactions<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">*</sup></div>
</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.02</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Total Capital Share Transactions</div>
</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.02</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Net asset value &#8208; end of period</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12.99</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.10</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.47</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17.15</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.63</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.53</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17.62</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Market price &#8208; end of period</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10.83</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12.92</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14.34</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.42</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14.70</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13.09</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.37</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt; WIDTH: 23%; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Total Investment Return &#8208; Net Asset Value:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(2)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(8.63</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.76</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.86</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13.57</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.90</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4.08</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17.05</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Total Investment Return &#8208; Market Price:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(2)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10.97</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.98</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2.33</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.52</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">22.60</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(7.32</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.07</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; TEXT-INDENT: -9pt; WIDTH: 23%; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">RATIOS AND SUPPLEMENTAL DATA:</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Net assets attributable to common shares, end of period (000s)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">229,334</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">266,576</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">293,829</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">305,958</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">296,710</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">277,061</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">314,355</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Ratios to average net assets attributable to common shareholders:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Total expenses</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4.61</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4.56</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.68</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.76</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.67</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.43</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.23</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Total expenses excluding interest expense and dividends on short sales expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.71</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.77</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.42</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.36</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.35</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.18</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Net investment income/(loss)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2.17</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2.73</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.68</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.95</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.37</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.34</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.87</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Portfolio turnover rate<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(4)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">98</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">154</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">102</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">166</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">250</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">183</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">173</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; TEXT-INDENT: -9pt; WIDTH: 23%; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom" colspan="4">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Borrowings at End of Period</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Aggregate Amount Outstanding (000s)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">156,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">156,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">156,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">156,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">147,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">147,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">147,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Asset Coverage Per $1,000 (000s)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,470</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,709</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,884</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,961</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,018</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,885</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,138</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="bdce6bdfec0b4c45927b46a1f6e2e2c3" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">*</sup></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Based on average shares outstanding.</div>
</td>
</tr>
</table>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="46594a2969004ffea9ee8eef95a94224" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(1)</sup></div>
</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Board announced, on September 12, 2014, approval to change the fiscal year-end of the Fund from March 31 to October 31 (See Note 1).</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(2)</sup></div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total investment return is calculated assuming a purchase of a common share at the opening on the first day and a sale at the closing on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at price</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">obtained under the Fund's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions on the purchase or sale of the Fund's common shares. Past performance is not a guarantee of future results. Total returns for the period indicated are not annualized.</font></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Annualized.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(4)</sup></div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Portfolio turnover rate for periods less than one full year have not been annualized.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See Notes to the Financial Statements.

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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Opportunities Fund</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Financial Highlights</div>
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 For a share outstanding throughout the periods indicated</div>

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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-INDENT: -9pt; WIDTH: 23%; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160;&#160;&#160;&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Six</font> <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Months Ended</font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">April 30,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2016</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(Unaudited)</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">October 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2015</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Period</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">October 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2014</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(1)</sup></div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">March 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2014</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">March 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2013</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year Ended</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">March 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2012</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Year </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ended</font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">March 31,</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2011</div>
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<div>PER COMMON SHARE OPERATING PERFORMANCE: </div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Net asset value &#8208; beginning of period</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12.92</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14.11</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14.67</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14.64</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13.84</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.72</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14.68</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Income from investment operations:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 27pt; FONT-SIZE: 11pt">Net investment income/(loss)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">*</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.10</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.35</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.15</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.32</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.09</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.14</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.25</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Net realized and unrealized gain/(loss) on investments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.88</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.36</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.26</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.72</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.97</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.94</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.87</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Total Income/(Loss) from Investment Operations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.98</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.01</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.11</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.40</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.88</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.80</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.12</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt; WIDTH: 23%; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" valign="bottom" colspan="12">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM: </div>
</td>
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</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Net investment income</div>
</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.60</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.11</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.08</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.05</div>
</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.08</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Net realized gains</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.19</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.67</div>
</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.26</div>
</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Tax return of capital</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.03</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Total Distributions to Common Shareholders</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.60</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CAPITAL SHARE TRANSACTIONS:</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr style="HEIGHT: 37px">
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Dilutive impact of capital share transactions<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">*</sup></div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.01</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Total Capital Share Transactions</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.01</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Net asset value &#8208; end of period</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11.34</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12.92</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14.11</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14.67</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14.64</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13.84</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.72</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Market price &#8208; end of period</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9.47</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11.25</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12.18</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12.75</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12.87</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11.78</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13.85</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; TEXT-INDENT: -9pt; WIDTH: 23%; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Total Investment Return &#8208; Net Asset Value:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(2)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(6.74</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.13</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.39</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11.26</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.87</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3.88</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.21</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Total Investment Return &#8208; Market Price:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(2)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10.56</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.93</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.70</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9.99</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">19.67</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(7.14</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15.27</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; TEXT-INDENT: -9pt; WIDTH: 23%; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">RATIOS AND SUPPLEMENTAL DATA:</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Net assets attributable to common shares, end of period (000s)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">584,892</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">666,588</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">729,855</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">759,084</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">757,452</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">716,213</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">813,178</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Ratios to average net assets attributable to common shareholders:</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Total expenses</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4.72</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4.62</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.86</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.97</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.86</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.61</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.40</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Total expenses excluding interest expense and dividends on short sales expense</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.86</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.82</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.60</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.55</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.52</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.35</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.25</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Net investment income/(loss)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.79</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2.47</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1.76</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(3)</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2.15</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(0.64</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.04</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.74</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Portfolio turnover rate<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(4)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">103</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">176</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">111</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">178</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">241</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">193</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">171</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; TEXT-INDENT: -9pt; WIDTH: 23%; MARGIN-LEFT: 9pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom" colspan="5">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Borrowings at End of Period</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Aggregate Amount Outstanding (000s)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">388,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">388,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">388,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">388,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">388,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">388,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">388,900</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 23%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Asset Coverage Per $1,000 (000s)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,504</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,714</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,877</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,952</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,948</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,842</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 8%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,091</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="13d1fba373b2453c9a99ea3d4e02cd23" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">*</sup></div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Based on average shares outstanding.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Board announced, on September 12, 2014, approval to change the fiscal year-end of the Fund from March 31 to October 31 (See Note 1).</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(2)</sup></div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total investment return is calculated assuming a purchase of a common share at the opening on the first day and a sale at the closing on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at price</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">obtained under the Fund's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions on the purchase or sale of</font>&#160;<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">the Fund's common shares. Past performance is not a guarantee of future results. Total returns for the period indicated are not annualized.</font></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Annualized.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Portfolio turnover rate for periods less than one full year have not been annualized.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See Notes to the Financial Statements.

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Notes to Financial Statements</div>
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 April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">1.&#160;</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ORGANIZATION AND SIGNIFICANT ACCOUNTING AND OPERATING POLICIES </font>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Allocation Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund, are closed&#8208;end management investment companies registered under the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;). The Funds were organized under the laws of the state of Delaware by an Amended Agreement and Declaration of Trust dated April 27, 2004 and January 25, 2005, respectively for Clough Global Allocation Fund and Clough Global Equity Fund, and an Agreement and Declaration of Trust dated January 12, 2006, for Clough Global Opportunities Fund. The Funds were previously registered as non&#8208;diversified investment companies. As a result of ongoing operations, each of the Funds became a diversified company. The Funds may not resume operating in a non&#8208;diversified manner without first obtaining shareholder approval. Each Fund&#8217;s investment objective is to provide a high level of total return. Each Declaration of Trust provides that the Board of Trustees may authorize separate classes of shares of beneficial interest. The common shares of Clough Global Allocation Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund are listed on the NYSE MKT and trade under the ticker symbols &#8220;GLV&#8221;, &#8220;GLQ&#8221; and &#8220;GLO&#8221; respectively. The Board of Trustees of each Fund announced, on September 12, 2014, that it had approved a change to the Funds' fiscal year&#8208;end from March 31 to October 31.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The following is a summary of significant accounting policies followed by the Funds. These policies are in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Funds ultimately realize upon sale of the securities. Each Fund is considered an investment company for financial reporting purposes under GAAP.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The net asset value per share of each Fund is determined no less frequently than daily, on each day that the New York Stock Exchange (&#8220;NYSE&#8221; or the &#8220;Exchange&#8221;) is open for trading, as of the close of regular trading on the Exchange (normally 4:00 p.m. New York time). Trading may take place in foreign issues held by the Fund at times when a Fund is not open for business. As a result, each Fund&#8217;s net asset value may change at times when it is not possible to purchase or sell shares of a Fund.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Investment Valuation: </font>Securities, including futures contracts, held by each Fund for which exchange quotations are readily available are valued at the last sale price, or if no sale price or if traded on the over&#8208;the&#8208;counter market, at the mean of the bid and asked prices on such day. Most securities listed on a foreign exchange are valued at the last sale price at the close of the exchange on which the security is primarily traded. In certain countries market maker prices are used since they are the most representative of the daily trading activity. Market maker prices are usually the mean between the bid and ask prices. Certain markets are not closed at the time that the Funds price their portfolio securities. In these situations, snapshot prices are provided by the individual pricing services or other alternate sources at the close of the NYSE as appropriate. Securities not traded on a particular day are valued at the mean between the last reported bid and the asked quotes, or the last sale price when appropriate; otherwise fair value will be determined by the board&#8208;appointed fair valuation committee. Debt securities for which the over&#8208;the&#8208;counter market is the primary market are normally valued on the basis of prices furnished by one or more pricing services or dealers at the mean between the latest available bid and asked prices. As authorized by the Board of Trustees, debt securities (including short&#8208;term obligations that will mature in 60 days or less) may be valued on the basis of valuations furnished by a pricing service which determines valuations based upon market transactions for normal, institutional&#8208;size trading units of securities or a matrix method which considers yield or price of comparable bonds provided by a pricing service. Over&#8208;the&#8208;counter options are valued at the mean between bid and asked prices provided by dealers. Exchange&#8208;traded options are valued at closing settlement prices. Total return swaps are priced based on valuations provided by a Board approved independent third party pricing agent. If a total return swap price cannot be obtained from an independent third party pricing agent the Fund shall seek to obtain a bid price from at least one independent and/or executing broker.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">If the price of a security is unavailable in accordance with the aforementioned pricing procedures, or the price of a security is unreliable, e.g., due to the occurrence of a significant event, the security may be valued at its fair value determined by management pursuant to procedures adopted by the Board of Trustees. For this purpose, fair value is the price that a Fund reasonably expects to receive on a current sale of the security. Due to the number of variables affecting the price of a security, however; it is possible that the fair value of a security may not accurately reflect the price that a Fund could actually receive on a sale of the security.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">A three&#8208;tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity&#8217;s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.</div>

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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Notes to Financial Statements</div>
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 April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Various inputs are used in determining the value of each Fund&#8217;s investments as of the reporting period end. These inputs are categorized in the following hierarchy under applicable financial accounting standards:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Level<strong> </strong>1 &#8211;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Level<strong>&#160;</strong>2 &#8211;<font style="FONT-SIZE: 5.14pt">&#160;</font></div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Level<strong>&#160;</strong>3<strong>&#160;</strong>&#8211;<font style="FONT-SIZE: 5.14pt">&#160;&#160;</font></div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Significant unobservable prices or inputs (including the Fund&#8217;s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The following is a summary of the inputs used as of April 30, 2016, in valuing each Fund&#8217;s investments carried at value. The Funds recognize transfers between the levels as of the end of the period in which the transfer occurred. There were no transfers between Levels 1 and 2 during the period ended April 30, 2016.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Allocation Fund</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 1</div>
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<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Consumer Discretionary</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">29,744,629</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">29,744,629</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Consumer Staples</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">914,550</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">914,550</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Energy</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">38,190,860</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,323,338</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">39,514,198</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Financials</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">36,427,386</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">36,427,386</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Health Care</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,409,330</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,409,330</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Industrials</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,247,707</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,247,707</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Information Technology</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15,051,181</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15,051,181</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Materials</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,780,328</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,780,328</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Telecommunication Services</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,745,813</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,745,813</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Closed&#8208;End Funds</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,688,703</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4,688,703</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Participation Notes</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,337,190</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,337,190</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Warrants</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,696</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,696</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Corporate Bonds</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">26,203,074</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">26,203,074</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Asset/Mortgage Backed Securities</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">236,624</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">236,624</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Government &amp; Agency Obligations</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">31,234,626</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">31,234,626</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Short&#8208;Term Investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Money Market Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,706,131</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,706,131</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">TOTAL</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">163,918,314</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">61,334,852</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">225,253,166</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Other Financial Instruments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total Return Swap Contracts<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">**</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,040</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,040</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Securities Sold Short<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">*</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Common Stocks</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(36,216,417</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(36,216,417</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Exchange Traded Funds</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(15,510,065</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(15,510,065</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total Return Swap Contracts<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">**</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(63,599</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(63,599</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">TOTAL</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(51,726,482</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(61,559</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(51,788,041</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="a0aa2f5d479b4ae4a897dee77c8b0cff" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt">37</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="94060dc0400d4773ad27839772a30d59" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Funds</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Notes to Financial Statements</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
 April 30, 2016 (Unaudited)</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Equity Fund</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="e596f0c50f6e48f092b5c9909fda03e6" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Investments in Securities at Value*</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Stocks</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Consumer Discretionary</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">57,777,025</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">57,777,025</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Consumer Staples</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,507,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,507,500</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Energy</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">62,302,016</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,203,200</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">64,505,216</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Financials</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">55,588,676</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">55,588,676</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Health Care</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">28,973,281</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">651,525</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">29,624,806</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Industrials</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">18,764,723</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">18,764,723</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Information Technology</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">28,265,327</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">28,265,327</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Materials</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,196,292</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,196,292</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Telecommunication Services</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,881,382</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,881,382</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Participation Notes</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,901,117</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,901,117</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Warrants</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">19,572</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">19,572</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Corporate Bonds</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12,335,421</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">12,335,421</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Government &amp; Agency Obligations</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">76,242,548</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">76,242,548</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Short&#8208;Term Investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Money Market Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,152,889</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,152,889</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">TOTAL</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">271,428,683</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">95,333,811</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">366,762,494</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Other Financial Instruments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 11px">
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total Return Swap Contracts<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">**</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,412</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,412</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Securities Sold Short<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">*</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Common Stocks</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(59,105,263</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(59,105,263</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Exchange Traded Funds</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(25,114,108</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(25,114,108</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total Return Swap Contracts<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">**</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(106,541</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(106,541</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">TOTAL</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(84,219,371</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(103,129</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(84,322,500</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="96d6c52aaa404d04b88cfc8083c56784" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 9pt">38</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
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<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="e7490abdd65045f6806c15e4a27793fe" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Funds</div>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Notes to Financial Statements</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
 April 30, 2016 (Unaudited)</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Opportunities Fund</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="390b4e55158b4aa6bdc6504d0b4b0d73" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Investments in Securities at Value*</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Stocks</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Consumer Discretionary</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">132,237,058</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">132,237,058</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Consumer Staples</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,758,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,758,700</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Energy</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">156,879,010</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,427,000</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">162,306,010</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Financials</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">138,225,787</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">138,225,787</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Health Care</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">71,991,597</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">71,991,597</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Industrials</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">45,979,362</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">45,979,362</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Information Technology</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">66,868,754</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">66,868,754</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Materials</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13,017,769</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13,017,769</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Telecommunication Services</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,272,723</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7,272,723</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Participation Notes</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,616,518</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9,616,518</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Warrants</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">48,732</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">48,732</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Corporate Bonds</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">74,456,719</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">74,456,719</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Government &amp; Agency Obligations</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">184,066,891</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">184,066,891</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Short&#8208;Term Investments</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Money Market Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">19,715,100</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">19,715,100</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">TOTAL</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">655,994,592</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">273,567,128</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">929,561,720</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Other Financial Instruments</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 1</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 2</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Level 3</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total Return Swap Contracts<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">**</sup></div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,440</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,440</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Liabilities</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Securities Sold Short<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">*</sup></div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Common Stocks</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(149,136,146</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(149,136,146</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Exchange Traded Funds</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(63,851,788</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(63,851,788</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total Return Swap Contracts<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">**</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(262,788</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(262,788</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">TOTAL</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(212,987,934</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(254,348</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">For detailed industry descriptions, see the accompanying Statement of Investments.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">In the event a Board approved independent pricing service is unable to provide an evaluated price for a security or Clough Capital Partners L.P. (the &#8220;Adviser&#8221; or &#8220;Clough&#8221;) believes the price provided is not reliable, securities of each Fund may be valued at fair value as described above. In these instances the Adviser may seek to find an alternative independent source, such as a broker/dealer to provide a price quote, or by using evaluated pricing models similar to the techniques and models used by the independent pricing service. These fair value measurement techniques may utilize unobservable inputs (Level 3).</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">On a monthly basis, the Fair Value Committee of each Fund meets and discusses securities that have been fair valued during the preceding month in accordance with the Funds&#8217; Fair Value Procedures and reports quarterly to the Board of Trustees on the results of those meetings.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">For the period ended April 30, 2016, the Funds did not have significant unobservable inputs (Level 3) used in determining fair value. Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Foreign Securities: </font>Each Fund may invest a portion of its assets in foreign securities. In the event that a Fund executes a foreign security transaction, the Fund will generally enter into a foreign currency spot contract to settle the foreign security transaction. Foreign securities may carry more risk than U.S. securities, such as political, market and currency risks.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The accounting records of each Fund are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange at period end. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
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 April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The effect of changes in foreign currency exchange rates on investments is reported with investment securities realized and unrealized gains and losses in the Funds&#8217; Statements of Operations.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">A foreign currency spot contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. Each Fund may enter into foreign currency spot contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to a Fund include the potential inability of the counterparty to meet the terms of the contract.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The net U.S. dollar value of foreign currency underlying all contractual commitments held by a Fund and the resulting unrealized appreciation or depreciation are determined using prevailing forward foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency spot contracts are reported in the Funds&#8217; Statements of Assets and Liabilities as a receivable or a payable and in the Funds&#8217; Statements of Operations with the change in unrealized appreciation or depreciation on translation of assets and liabilities denominated in foreign currencies. These spot contracts are used by the broker to settle investments denominated in foreign currencies.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">A Fund may realize a gain or loss upon the closing or settlement of the foreign transactions, excluding investment securities. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statements of Operations.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Exchange Traded Funds: </font>The Fund may invest in Exchange Traded Funds (&#8220;ETFs&#8221;), which are funds whose shares are traded on a national exchange. ETFs may be based on underlying equity or fixed income securities, as well as commodities or currencies. ETFs do not sell individual shares directly to investors and only issue their shares in large blocks known as &#8220;creation units.&#8221; The investor purchasing a creation unit then sells the individual shares on a secondary market. Although similar diversification benefits may be achieved through an investment in another investment company, ETFs generally offer greater liquidity and lower expenses. Because an ETF incurs its own fees and expenses, shareholders of a Fund investing in an ETF will indirectly bear those costs. Such Funds will also incur brokerage commissions and related charges when purchasing or selling shares of an ETF. Unlike typical investment company shares, which are valued once daily, shares in an ETF may be purchased or sold on a securities exchange throughout the trading day at market prices that are generally close to the NAV of the ETF.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Short Sales: </font>Each Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker&#8208;dealer through which it made the short sale. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of the short sale.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Each Fund's obligation to replace the borrowed security will be secured by collateral deposited with the broker&#8208;dealer, usually cash, U.S. government securities or other liquid securities. Each Fund will also be required to designate on its books and records similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times at least equal to the current market value of the security sold short. The cash amount is reported on the Statements of Assets and Liabilities as Deposit with broker for securities sold short which is held with one counterparty. Each Fund is obligated to pay interest to the broker for any debit balance of the margin account relating to short sales. The interest incurred by the Funds is reported on the Statements of Operations as Interest expense &#8211; margin account. Interest amounts payable are reported on the Statements of Assets and Liabilities as Interest payable &#8211; margin account.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Each Fund may also sell a security short if it owns at least an equal amount of the security sold short or another security convertible or exchangeable for an equal amount of the security sold short without payment of further compensation (a short sale against&#8208;the&#8208;box). In a short sale against&#8208;the&#8208;box, the short seller is exposed to the risk of being forced to deliver stock that it holds to close the position if the borrowed stock is called in by the lender, which would cause gain or loss to be recognized on the delivered stock. Each Fund expects normally to close its short sales against&#8208;the&#8208;box by delivering newly acquired stock. Since the Funds intend to hold securities sold short for the short term, these securities are excluded from the purchases and sales of investment securities in Note 4 and the Fund&#8217;s Portfolio Turnover in the Financial Highlights.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Derivatives Instruments and Hedging Activities: </font>The following discloses the Funds&#8217; use of derivative instruments and hedging activities.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Funds&#8217; investment objectives not only permit the Funds to purchase investment securities, they also allow the Funds to enter into various types of derivative contracts, including, but not limited to, purchased and written options, swaps, futures and warrants. In doing so, the Funds will employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity securities; they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue their objectives more quickly and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market factors.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Risk of Investing in Derivatives</font>: The Funds&#8217; use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Funds are using derivatives to decrease or hedge exposures to market risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected, resulting in losses for the combined or hedged positions.</div>

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 April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Funds to increase their market value exposure relative to their net assets and can substantially increase the volatility of the Funds&#8217; performance.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Each Fund may acquire put and call options and options on stock indices and enter into stock index futures contracts, certain credit derivatives transactions and short sales in connection with its equity investments. In connection with a Fund's investments in debt securities, it may enter into related derivatives transactions such as interest rate futures, swaps and options thereon and certain credit derivatives transactions. Derivatives transactions of the types described above subject a Fund to increased risk of principal loss due to imperfect correlation or unexpected price or interest rate movements. Each Fund also will be subject to credit risk with respect to the counterparties to the derivatives contracts purchased by a Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivatives contract due to financial difficulties, each Fund may experience significant delays in obtaining any recovery under the derivatives contract in a bankruptcy or other reorganization proceeding. Each Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Market Risk Factors: </font>In addition, in pursuit of their investment objectives, certain Funds may seek to use derivatives, which may increase or decrease exposure to the following market risk factors:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Equity Risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 9pt; FONT-SIZE: 11pt">Foreign Exchange Rate Risk: Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the value of the foreign currency denominated security will increase as the dollar depreciates against the currency.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Option Writing/Purchasing: </font>Each Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option among others, is that a Fund pays a premium whether or not the option is exercised. Additionally, a Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Each Fund is obligated to pay interest to the broker for any debit balance of the margin account relating to options. Each Fund pledges cash or liquid assets as collateral to satisfy the current obligations with respect to written options. The interest incurred on the Funds is reported on the Statements of Operations as Interest expense &#8211; margin account. Interest amounts payable by the Funds are reported on the Statements of Assets and Liabilities as Interest payable &#8211; margin account.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">When a Fund writes an option, an amount equal to the premium received by a Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is recorded as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether a Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by a Fund. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">There was no Written option activity for the period ended April 30, 2016.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Futures Contracts: </font>Each Fund may enter into futures contracts. A futures contract is an agreement to buy or sell a security or currency (or to deliver a final cash settlement price in the case of a contract relating to an index or otherwise not calling for physical delivery at the end of trading in the contract) for a set price at a future date. If a Fund buys a security futures contract, the Fund enters into a contract to purchase the underlying security and is said to be &#8220;long&#8221; under the contract. If a Fund sells a security futures contact, the Fund enters into a contract to sell the underlying security and is said to be &#8220;short&#8221; under the contract. The price at which the contract trades (the &#8220;contract price&#8221;) is determined by relative buying and selling interest on a regulated exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (&#8220;variation margin&#8221;) is recorded by the Fund. Such payables or receivables are recorded for financial statement purposes as variation margin payable or variation margin receivable by each Fund. Each Fund pledges cash or liquid assets as collateral to satisfy the current obligations with respect to futures contracts. The cash amount is reported on the Statements of Assets and Liabilities as Deposit with broker for futures contracts which is held with one counterparty.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
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 April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Funds enter into such transactions for hedging and other appropriate risk&#8208;management purposes or to increase return. While a Fund may enter into futures contracts for hedging purposes, the use of futures contracts might result in a poorer overall performance for the Fund than if it had not engaged in any such transactions. If, for example, the Fund had insufficient cash, it might have to sell a portion of its underlying portfolio of securities in order to meet daily variation margin requirements on its futures contracts or options on futures contracts at a time when it might be disadvantageous to do so. There may be an imperfect correlation between the Funds&#8217; portfolio holdings and futures contracts entered into by the Fund, which may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Futures contract transactions may result in losses substantially in excess of the variation margin. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in the portfolio securities being hedged. An incorrect correlation could result in a loss on both the hedged securities in a Fund and the hedging vehicle so that the portfolio return might have been greater had hedging not been attempted. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a futures contract. Lack of a liquid market for any reason may prevent a Fund from liquidating an unfavorable position, and the Fund would remain obligated to meet margin requirements until the position is closed. In addition, the Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of their contracts. With exchange&#8208;traded futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange&#8208;traded and the exchange&#8217;s clearinghouse, as counterparty to all exchange&#8208;traded futures contracts, guarantees the futures contracts against default.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Swaps: </font>During the period each Fund engaged in total return swaps. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. Each Fund may utilize swap agreements as a means to gain exposure to certain assets and/or to &#8220;hedge&#8221; or protect the Fund from adverse movements in securities prices or interest rates. Each Fund is subject to equity risk and interest rate risk in the normal course of pursuing its investment objective through investments in swap contracts. Swap agreements entail the risk that a party will default on its payment obligation to a Fund. If the other party to a swap defaults, a Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If each Fund utilizes a swap at the wrong time or judges market conditions incorrectly, the swap may result in a loss to the Fund and reduce the Fund&#8217;s total return.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period. A Fund&#8217;s maximum risk of loss from counterparty risk or credit risk is the discounted value of the payments to be received from/paid to the counterparty over the contract&#8217;s remaining life, to the extent that the amount is positive. The risk is mitigated by having a netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover the Fund&#8217;s exposure to the counterparty. Each Fund pledges cash or liquid assets as collateral to satisfy the current obligations with respect to swap contracts. The cash amount is reported on the Statements of Assets and Liabilities as Deposit with brokers for total return swap contracts which is held with two counterparties.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">International Swaps and Derivatives Association, Inc. Master Agreements (&#8220;ISDA Master Agreements&#8221;) govern OTC financial derivative transactions entered into by a Fund and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to early terminate could be material to the financial statements.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">During the period ended April 30, 2016, the Funds invested in swap agreements consistent with the Funds&#8217; investment strategies to gain exposure to certain markets or indices.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Warrants/Rights: </font>Each Fund may purchase or otherwise receive warrants or rights. Warrants and rights generally give the holder the right to receive, upon exercise, a security of the issuer at a set price. Funds typically use warrants and rights in a manner similar to their use of purchased options on securities, as described in options above. Risks associated with the use of warrants and rights are generally similar to risks associated with the use of purchased options. However, warrants and rights often do not have standardized terms, and may have longer maturities and may be less liquid than exchange&#8208;traded options. In addition, the terms of warrants or rights may limit each Fund&#8217;s ability to exercise the warrants or rights at such times and in such quantities as each Fund would otherwise wish. Each Fund held no rights at the end of the year.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The effect of derivatives instruments on each Fund&#8217;s Statements of Assets and Liabilities as of April 30, 2016:</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Unrealized appreciation on total return swap contracts</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,040</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Investments, at value</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,696</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13,736</div>
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<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Unrealized appreciation on total return swap contracts</div>
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</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,412</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Equity Contracts (Warrants)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Investments, at value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">19,572</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">22,984</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Opportunities Fund</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Equity Contracts (Total Return Swap Contracts)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Unrealized appreciation on total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,440</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Equity Contracts (Warrants)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Investments, at value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">48,732</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">57,172</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 42.5%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Liability Derivatives</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Risk Exposure</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Statements of Assets and Liabilities Location</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fair Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Allocation Fund</div>
</td>
<td style="WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Equity Contracts (Total Return Swap Contracts)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Unrealized depreciation on total return swap contracts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">63,599</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">63,599</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Equity Fund</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Equity Contracts (Total Return Swap Contracts)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Unrealized depreciation on total return swap contracts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">106,541</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">106,541</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Opportunities Fund</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Equity Contracts (Total Return Swap Contracts)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Unrealized depreciation on total return swap contracts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">262,788</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">262,788</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="4d0d708db9394d6cbbc21bd2e148f4e2" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 86.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
</td>
<td style="WIDTH: 13.56%; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">43</div>
</td>
</tr>
</table>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="4f2c9e66f3dc4bcbbde09bb671fa16b9" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 42.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Funds</div>
</td>
<td style="WIDTH: 57.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Notes to Financial Statements</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="f1f37e2b87694acf8896dac399c84daa" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 42.92%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 57.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">April 30, 2016 (Unaudited)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The effect of derivatives instruments on each Fund&#8217;s Statements of Operations for the period ended April 30, 2016:</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="0eebe0d6c21e4afda22775f5b2a8e2aa" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 263px; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Risk Exposure</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 405px; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Statements of Operations Location</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Realized Gain/(Loss) on Derivatives Recognized in Income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 263px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Allocation Fund</div>
</td>
<td style="WIDTH: 405px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 27.6%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Foreign Currency Contracts<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (Futures Contracts)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net realized gain/(loss) on futures contracts/Net change in unrealized appreciation/(depreciation) on futures contracts</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(420,652</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10,225</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.6%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Equity Contracts<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (Total Return Swap Contracts)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net realized gain/(loss) on total return swap contracts/Net change in unrealized appreciation/(depreciation) on total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(691,258</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">179,838</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 27.6%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Equity Contracts<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (Warrants)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net realized gain/(loss) on investment securities/ Net change in unrealized appreciation/(depreciation) on investment securities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,924</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 27.6%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,111,910</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">166,689</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 27.6%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.6%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Equity Fund</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 27.6%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Foreign Currency Contracts<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (Futures Contracts)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net realized gain/(loss) on futures contracts/Net change in unrealized appreciation/(depreciation) on futures contracts</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(689,063</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(17,108</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 27.6%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Equity Contracts<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (Total Return Swap Contracts)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net realized gain/(loss) on total return swap contracts/Net change in unrealized appreciation/(depreciation) on total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,119,698</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">486,548</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 27.6%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Equity Contracts<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (Warrants)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net realized gain/(loss) on investment securities/ Net change in unrealized appreciation/(depreciation) on investment securities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,893</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 27.6%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 42.5%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,808,761</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">464,547</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

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<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<td style="WIDTH: 18.74%; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">44</div>
</td>
<td style="WIDTH: 81.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Funds</div>
</td>
<td style="WIDTH: 57.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Notes to Financial Statements</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="c7fc17f4e0a24a0fafbbd60eeba25332" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 57.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">April 30, 2016 (Unaudited)</div>
</td>
</tr>
</table>

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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="2c8f9fb66dd84720a48763bd4492517c" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 263px; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Risk Exposure</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 405px; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Statements of Operations Location</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Realized Gain/(Loss) on Derivatives Recognized in Income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 263px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Opportunities Fund</div>
</td>
<td style="WIDTH: 405px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 11px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 263px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Foreign Currency Contracts<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (Futures Contracts)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 405px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net realized gain/(loss) on futures contracts/Net change in unrealized appreciation/(depreciation) on futures contracts</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,752,233</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(43,457</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 263px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Equity Contracts<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (Total Return Swap Contracts)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 405px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net realized gain/(loss) on total return swap contracts/Net change in unrealized appreciation/(depreciation) on total return swap contracts</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(2,811,097</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">704,437</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 263px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Equity Contracts<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font> (Warrants)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 405px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Net realized gain/(loss) on investment securities/ Net change in unrealized appreciation/(depreciation) on investment securities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(12,184</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 263px; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 405px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(4,563,330</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">648,796</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The average total return swap contracts notional amount during the period ended April 30, 2016, is noted below for each of the Funds.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="219be0a95b2043c39156f9fc552f9aed" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Average Swap Contract Notional Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Allocation Fund</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,764,454</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Equity Fund</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5,789,434</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Opportunities Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11,397,015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The average warrant market value during the period ended April 30, 2016, is noted below for each of the Funds.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="b8b00ff6e5034541afc7ce0dd9493831" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Average Warrant Market Value</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Allocation Fund</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13,158</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Equity Fund</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">22,019</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Opportunities Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">54,824</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The average futures contracts volume during the period ended April 30, 2016, is noted below for each of the Funds.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="3f242fc160fd41628c8efba3d2e6359d" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Average Futures Contract Volume</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Allocation Fund</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">31</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Equity Fund</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">50</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 85%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Opportunities Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">129</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Certain derivative contracts are executed under either standardized netting agreements or, for exchange-traded derivatives, the relevant contracts for a particular exchange which contain enforceable netting provisions. A derivative netting arrangement creates an enforceable right of set-off that becomes effective, and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="8ae6ce721f6a44cc9134c31850fecc57" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 86.44%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
</td>
<td style="WIDTH: 13.56%; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">45</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #555555; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 1px; COLOR: #555555; CLEAR: both; BORDER-LEFT-WIDTH: 0px" noshade="noshade">
</div>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="e067f14766624aacad4aa4d4f4548fd9" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 42.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Funds</div>
</td>
<td style="WIDTH: 57.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Notes to Financial Statements</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="3a2b3c36b0e84868a901b2b1ea14a9b3" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 42.92%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 57.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">April 30, 2016 (Unaudited)</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The following tables present derivative financial instruments that are subject to enforceable netting arrangements as of April 30, 2016.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Offsetting of Derivatives Assets</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
<br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="13ef579100b2462182389953bf3d2f90" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 25%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="10">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Gross Amounts Not Offset in the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Statements of Assets and Liabilities</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Description</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Gross</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Amounts of </div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Recognized Assets</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Gross Amounts Offset in the Statements of Assets and Liabilities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Amounts</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Presented</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">in the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Statements of Assets and Liabilities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financial Instruments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cash Collateral Received<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Amount</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Allocation Fund</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total Return Swap Contracts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,040</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,040</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,040</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,040</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,040</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2,040</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Equity Fund</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total Return Swap Contracts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,412</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,412</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,412</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,412</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,412</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3,412</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Opportunities Fund</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total Return Swap Contracts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,440</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,440</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,440</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,440</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,440</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,440</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Offsetting of Derivatives Liabilities</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
<br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="4ddcfbff08fb42298a55d02d399d28de" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; WIDTH: 25%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="10">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Gross Amounts Not Offset in the</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Statements of Assets and Liabilities</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 25%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Description</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Gross</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Amounts of Recognized Liabilities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Gross Amounts Offset in the Statements of Assets and Liabilities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Amounts</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Presented</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">in the Statements of Assets and Liabilities</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financial Instruments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cash Collateral Pledged<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Amount</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Allocation Fund</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total Return Swap Contracts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">63,599</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">63,599</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(63,599</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">63,599</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">63,599</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(63,599</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Equity Fund</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total Return Swap Contracts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">106,541</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">106,541</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(106,541</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">106,541</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">106,541</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(106,541</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Opportunities Fund</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total Return Swap Contracts</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">262,788</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">262,788</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(262,788</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 25%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">262,788</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">262,788</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(262,788</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="f5f401fd8d74482eb07009e577ee8a6f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-STYLE: italic; WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">(a)</sup></td>
<td style="TEXT-ALIGN: justify; FONT-STYLE: italic; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged, which is disclosed in the Statement of Investments.</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Income Taxes:</font> Each Fund&#8217;s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. As of and during the period ended April 30, 2016, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds&#8217; tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
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<tr>
<td style="WIDTH: 18.96%; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">46</div>
</td>
<td style="WIDTH: 81.04%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
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<td style="WIDTH: 42.92%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Funds</div>
</td>
<td style="WIDTH: 57.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Notes to Financial Statements</div>
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<td style="WIDTH: 42.92%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 57.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">April 30, 2016 (Unaudited)</div>
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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Distributions to Shareholders:</font> Each Fund intends to make a level dividend distribution each month to Common Shareholders after payment of interest on any outstanding borrowings. The level dividend rate may be modified by the Board of Trustees from time to time. Any net capital gains earned by a Fund are distributed at least annually to the extent necessary to avoid federal income and excise taxes. Distributions to shareholders are recorded by each Fund on the ex-dividend date. Each Fund has received approval from the Securities and Exchange Commission (the &#8220;Commission&#8221;) for exemption from Section 19(b) of the 1940 Act, and Rule 19b-1 there under permitting each Fund to make periodic distributions of long-term capital gains, provided that the distribution policy of a Fund with respect to its Common Shares calls for periodic (e.g. quarterly/monthly) distributions in an amount equal to a fixed percentage of each Fund&#8217;s average net asset value over a specified period of time or market price per common share at or about the time of distributions or pay-out of a level dollar amount.</div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Securities Transactions and Investment Income:</font> Investment security transactions are accounted for on a trade date basis. Dividend income and Dividend expense-short sales are recorded on the ex-dividend date. Certain dividend income from foreign securities will be recorded, in the exercise of reasonable diligence, as soon as a Fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date and may be subject to withholding taxes in these jurisdictions. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country&#8217;s tax rules and rates and are disclosed in the Statements of Operations. Interest income, which includes amortization of premium and accretion of discount, is recorded on the accrual basis. Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the identified cost basis for both financial reporting and income tax purposes.</div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Counterparty Risk:</font> Each of the Funds run the risk that the issuer or guarantor of a fixed income security, the counterparty to an over-the-counter derivatives contract, a borrower of each Fund&#8217;s securities or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to make timely principal, interest, or settlement payments or otherwise honor its obligations. In addition, to the extent that each of the Funds use over-the-counter derivatives, and/or has significant exposure to a single counterparty, this risk will be particularly pronounced for each of the Funds.</div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Other Risk Factors:</font> Investing in the Funds may involve certain risks including, but not limited to, the following:</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Unforeseen developments in market conditions may result in the decline of prices of, and the income generated by, the securities held by the Funds. These events may have adverse effects on the Funds such as a decline in the value and liquidity of many securities held by the Funds, and a decrease in net asset value. Such unforeseen developments may limit or preclude the Funds&#8217; ability to achieve their investment objective.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Investing in stocks may involve larger price fluctuation and greater potential for loss than other types of investments. This may cause the securities held by the Funds to be subject to larger short-term declines in value.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Funds may have elements of risk due to concentrated investments in foreign issuers located in a specific country. Such concentrations may subject the Funds to additional risks resulting from future political or economic conditions and/or possible impositions of adverse foreign governmental laws or currency exchange restrictions. Investments in securities of non-U.S. issuers have unique risks not present in securities of U.S. issuers, such as greater price volatility and less liquidity.</div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Fixed income securities are subject to credit risk, which is the possibility that a security could have its credit rating downgraded or that the issuer of the security could fail to make timely payments or default on payments of interest or principal. Additionally, fixed income securities are subject to interest rate risk, meaning the decline in the price of debt securities that accompanies a rise in interest rates. Bonds with longer maturities are subject to greater price fluctuations than bonds with shorter maturities.</div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Funds invest in bonds which are rated below investment grade. These high yield bonds may be more susceptible than higher grade bonds to real or perceived adverse economic or industry conditions. The secondary market, on which high yield bonds are traded, may also be less liquid than the market for higher grade bonds.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2.&#160;&#160; TAXES</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Classification of Distributions: </font>Net investment income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain was recorded by the Funds.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report | April 30, 2016</div>
</td>
<td style="WIDTH: 13.56%; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">47</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Clough Global Funds</div>
</td>
<td style="WIDTH: 57.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt">Notes to Financial Statements</div>
</td>
</tr>
</table>

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<td style="WIDTH: 42.92%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 57.08%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">April 30, 2016 (Unaudited)</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The tax character of the distributions paid by the Funds during the year ended October 31, 2015, were as follows:</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="edd45befbda14bc29b7682b4b66b2275" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="10">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Long-Term Capital</div>
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<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ordinary Income</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Gains</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Allocation Fund</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">October 31, 2015</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,688,646</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">13,007,707</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">14,696,353</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Equity Fund</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">October 31, 2015</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1,958,287</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">22,227,607</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">24,185,894</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Opportunities Fund</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 8.65pt; FONT-SIZE: 11pt">October 31, 2015</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">6,132,133</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">55,380,129</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">61,512,262</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Tax Basis of Investments: </font>Net unrealized appreciation/(depreciation) of investments based on federal tax cost as of April 30, 2016, were as follows:</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="40db0b57cc8f4885ae13fc0bbaa09661" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom">&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Allocation Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Equity Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Opportunities Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Gross appreciation (excess of value over tax cost)</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">8,880,002</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">15,582,155</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">29,600,865</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Gross depreciation (excess of tax cost over value)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(10,360,415</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(18,886,487</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(46,670,249</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: -8.65pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 17.3pt; FONT-SIZE: 11pt">Net unrealized depreciation</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(1,480,413</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(3,304,332</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(17,069,384</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 55%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Cost of investments for income tax purposes</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">226,733,579</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">370,066,826</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">946,631,104</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The difference between book and tax basis unrealized depreciation is attributable primarily to wash sales and tax treatment of certain other investments.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3.&#160; &#160;CAPITAL TRANSACTIONS</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
<br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Common Shares:</font> There are an unlimited number of no par value common shares of beneficial interest authorized for each Fund.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Board of Trustees of each Fund announced, on April 20, 2015, that it had approved a share repurchase program in accordance with Section 23(c) of the 1940 Act. Under the share repurchase program, each Fund may purchase up to 5% of its outstanding common shares as of April 9, 2015, in the open market, through the Funds&#8217; fiscal year end of October 31, 2015. The Board of Trustees of each Fund approved, in October 2015, to extend the share repurchase program through the Funds&#8217; fiscal year end of October 31, 2016.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Transactions in common shares were as follows:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="69a4cf5bd6514cbdb0a68b597a4111a6" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Allocation Fund</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the Six Months Ended April 30, 2016</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the Year Ended October 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Shares Outstanding - beginning of period</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,392,606</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,434,606</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Repurchase of Fund Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(42,000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Shares Outstanding - end of period</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,392,606</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10,392,606</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Transactions in common shares were as follows:</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="6ee80d7662474bcdbf4932caa4b06f02" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="6">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Clough Global Equity Fund</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the Six Months Ended April 30, 2016</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the Year Ended October 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Shares Outstanding - beginning of period</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,653,305</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,840,705</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Repurchase of Fund Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(187,400</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Shares Outstanding - end of period</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,653,305</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17,653,305</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="LINE-HEIGHT: 1.15">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="c213d7d9645d4430901ca009bc308654" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18.74%; FONT-SIZE: 9pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif">48</div>
</td>
<td style="WIDTH: 81.26%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
</td>
</tr>
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<!--Licensed to: daitech    Document created using EDGARfilings PROfile 3.6.1.0    Copyright 1995 - 2016 Summit Financial Printing, LLC.  All rights reserved.-->
<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="cf7513ee73754e14aebe0d4dc8cada5d" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 42.88%; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif">Clough Global Funds</div>
</td>
<td style="WIDTH: 57.12%; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif">Notes to Financial Statements</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
 April 30, 2016 (Unaudited)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Transactions in common shares were as follows:</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="e23303b2a78c4ff695a0d34bae976c42" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom" colspan="6">Clough Global Opportunities Fund </td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom">&#160;&#160; </td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the Six Months Ended April 30, 2016</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the Year Ended October 31, 2015</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Shares Outstanding - beginning of period</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">51,574,059</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">51,736,859</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Repurchase of Fund Shares</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#8211;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">(162,800</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">)</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Common Shares Outstanding - end of period</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">51,574,059</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">51,574,059</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">During the year ended October 31, 2015, 42,000, 187,400 and 162,800 shares of common stock were repurchased at a total purchase price of $609,034, $2,726,913 and $1,936,592 for Clough Global Allocation Fund, Clough Global Equity Fund and Clough Global Opportunities Fund, respectively.&#160; These transactions reflect a weighted average discount from net asset value per share of 13.45%, 11.45% and 14.19% for Clough Global Allocation Fund, Clough Global Equity Fund and Clough Global Opportunities Fund, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="3d02de640ffa4e7b9060569a58c035c9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">4.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">PORTFOLIO SECURITIES</td>
</tr>
</table>
</div>

<div>
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
<br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Purchases and sales of investment securities, excluding securities sold short intended to be held for less than one year and short-term securities, for the period ended April 30, 2016, are listed in the table below.</div>

<div><br>
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="fc2c8468d6b44e01a9d033d4464f1384" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cost of Investments</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Purchased</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Proceeds</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">From</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Investments Sold</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Purchases of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Long-Term</font> <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">U.S. Government</font></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Obligations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Proceeds from Sales of</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Long-Term U.S.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Government Obligations</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Allocation Fund</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">184,003,677</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">195,026,857</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">72,877,018</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">62,120,397</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Equity Fund</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">253,215,362</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">289,137,815</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">106,723,166</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">56,061,754</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Opportunities Fund</div>
</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">671,452,314</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">745,499,024</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">279,842,348</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">183,890,613</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
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<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">5.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">INVESTMENT ADVISORY AND ADMINISTRATION AGREEMENTS</td>
</tr>
</table>
</div>

<div>
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
<br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough serves as each Fund&#8217;s investment adviser pursuant to an Investment Advisory Agreement (each an &#8220;Advisory Agreement&#8221; and collectively, the &#8220;Advisory Agreements&#8221;) with each Fund. As compensation for its services to the Fund, Clough receives an annual investment advisory fee of 0.70%,&#160; 0.90%&#160; and&#160; 1.00%&#160; based&#160; on&#160; Clough&#160; Global&#160; Allocation&#160; Fund&#8217;s,&#160; Clough&#160; Global&#160; Equity&#160; Fund&#8217;s&#160; and&#160; Clough&#160; Global&#160; Opportunities&#160; Fund&#8217;s, respectively, average daily total assets, computed daily and payable monthly. ALPS Fund Services, Inc. (&#8220;ALPS&#8221;) serves as each Fund&#8217;s administrator pursuant to an Administration, Bookkeeping and Pricing Services Agreement with each Fund. As compensation for its services to each Fund, ALPS receives an annual administration fee based on each Fund&#8217;s average daily total assets, computed daily and payable monthly. ALPS will pay all expenses incurred by each Fund, with the exception of advisory fees, trustees&#8217; fees, portfolio transaction expenses, litigation expenses, taxes, expenses of conducting repurchase offers for the purpose of repurchasing fund shares, costs of preferred shares, and extraordinary expenses.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Both Clough and ALPS are considered to be &#8220;affiliates&#8221; of the Funds as defined in the 1940 Act.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="983ec5dfd58e4872a4275955e1d07d7c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">6.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">COMMITTED FACILITY AGREEMENT AND LENDING AGREEMENT</td>
</tr>
</table>
</div>

<div>
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
<br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Each Fund entered into a financing package that includes a Committed Facility Agreement (the &#8220;Agreement&#8221;) dated January 16, 2009, as amended, between each Fund and BNP Paribas Prime Brokerage, Inc. (&#8220;BNP&#8221;) that allows each Fund to borrow funds from BNP.&#160;&#160; Each Fund is currently borrowing the maximum commitment covered by the agreement. Borrowings under the Agreement are secured by assets of each Fund that are held by a Fund&#8217;s custodian in a separate account (the &#8220;pledged collateral&#8221;) valued at $149,809,681, $242,445,372 and $599,198,354 for Clough Global Allocation Fund, Clough Global Equity Fund and Clough Global Opportunities Fund, respectively. Each Fund may, with 30 days notice, reduce the Maximum Commitment Financing (Initial Limit amount plus the increased borrowing amount in excess of the Initial Limit) to a lesser amount if drawing on the full amount would result in a violation of the applicable asset coverage requirement of Section 18 of the 1940 Act. Interest is charged at the three month LIBOR (London Inter-bank Offered Rate) plus 0.70% on the amount borrowed and 0.65% on the undrawn balance. Each Fund also pays a one-time arrangement fee of 0.25% on (i) the Initial Limit and (ii) any increased borrowing amount in the excess of the Initial Limit, paid in monthly installments for the six months immediately following the date on which borrowings were drawn by the Fund.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

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<tr>
<td style="WIDTH: 87.16%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report&#160;|&#160;April 30, 2016</div>
</td>
<td style="WIDTH: 12.84%; FONT-SIZE: 9pt; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif">49</div>
</td>
</tr>
</table>

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<td style="WIDTH: 42.88%; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif">Clough Global Funds</div>
</td>
<td style="WIDTH: 57.12%; FONT-SIZE: 14pt; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif">Notes to Financial Statements</div>
</td>
</tr>
</table>

<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
 April 30, 2016 (Unaudited)</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Agreement was amended on December 31, 2013, to increase the Maximum Commitment Financing to $93,300,000 for the Clough Global Allocation Fund and $156,000,000 for the Clough Global Equity Fund. For the period ended April 30, 2016, the average borrowings outstanding for Clough&#160; Global&#160; Allocation&#160; Fund,&#160; Clough&#160; Global&#160; Equity&#160; Fund&#160; and&#160; Clough&#160; Global&#160; Opportunities&#160; Fund&#160; under&#160; the&#160; agreement were&#160; $93,300,000, $156,000,000 and $388,900,000, respectively, and the average interest rate for the borrowings was 1.27%. As of April 30, 2016, the outstanding borrowings for Clough Global Allocation Fund, Clough Global Equity Fund and Clough Global Opportunities Fund were $93,300,000, $156,000,000 and $388,900,000, respectively. The interest rate applicable to the borrowings of Clough Global Allocation Fund, Clough Global Equity Fund and Clough Global Opportunities Fund on April 30, 2016, was 1.34%.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Lending Agreement is a separate side-agreement between each Fund and BNP pursuant to which BNP may borrow a portion of the pledged collateral (the &#8220;Lent Securities&#8221;) in an amount not to exceed the outstanding borrowings owed by a Fund to BNP under the Agreement. The Lending Agreement is intended to permit each Fund to significantly reduce the cost of its borrowings under the Agreement.&#160;&#160; BNP has the ability to reregister the Lent Securities in its own name or in another name other than the Fund to pledge, re-pledge, sell, lend or otherwise transfer or use the collateral with all attendant rights of ownership. (It is each Fund&#8217;s understanding that BNP will perform due diligence to determine the creditworthiness of any party that borrows Lent Securities from BNP.) Each Fund may designate any security within the pledged collateral as ineligible to be a Lent Security, provided there are eligible securities within the pledged collateral in an amount equal to the outstanding borrowing owed by a Fund. During the year in which the Lent Securities are outstanding, BNP must remit payment to each Fund equal to the amount of all dividends, interest or other distributions earned or made by the Lent Securities.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Under the terms of the Lending Agreement, the Lent Securities are marked to market daily, and if the value of the Lent Securities exceeds the value of the then-outstanding borrowings owed by a Fund to BNP under the Agreement (the &#8220;Current Borrowings&#8221;), BNP must, on that day, either (1) return Lent Securities to each Fund&#8217;s custodian in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings; or (2) post cash collateral with each Fund&#8217;s custodian equal to the difference between the value of the Lent Securities and the value of the Current Borrowings. If BNP fails to perform either of these actions as required, each Fund will recall securities, as discussed below, in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings.&#160; Each Fund can recall any of the Lent Securities and BNP shall, to the extent commercially possible, return such security or equivalent security to each Fund&#8217;s custodian no later than three business days after such request. If a Fund recalls a Lent Security pursuant to the Lending Agreement, and BNP fails to return the Lent Securities or equivalent securities in a timely fashion, BNP shall remain liable for the ultimate delivery to each Fund&#8217;s custodian of such Lent Securities, or equivalent securities, and for any buy-in costs that the executing broker for the sales transaction may impose with respect to the failure to deliver. Under the terms of the Lending Agreement, each Fund shall have the right to apply and set-off an amount equal to one hundred percent (100%) of the then current fair market value of such Lent Securities against the Current Borrowings.&#160; As of April 30, 2016, the market value of the Lent Securities for Clough Global Allocation Fund, Clough Global Equity Fund and Clough Global Opportunities Fund were $78,191,277, $133,264,090 and $342,698,874, respectively.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Board of Trustees has approved each Agreement and the Lending Agreement. No violations of the Agreement or the Lending Agreement have occurred during the period ended April 30, 2016.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Each Fund receives income from BNP based on the value of the Lent Securities. This income is recorded as Hypothecated securities income on the Statements of Operations. The interest incurred on borrowed amounts is recorded as Interest on loan in the Statements of Operations, a part of Total Expenses.</div>

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<div style="TEXT-ALIGN: justify">
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Independent Trustees of each Fund receive from each Fund a quarterly retainer of $3,500 and an additional $1,500 for each board meeting attended. The Chairman of the Board of Trustees of each Fund receives a quarterly retainer from each Fund of $4,200 and an additional $1,800 for each board meeting attended. The Chairman of the Audit Committee of each Fund receives a quarterly retainer from each Fund of $3,850 and an additional $1,650 for each board meeting attended.</div>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif">Clough Global Funds</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif">Dividend Reinvestment Plan</div>
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 April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Unless the registered owner of Common Shares elects to receive cash by contacting DST Sytems, Inc. (the &#8220;Plan Administrator&#8221;), all dividends declared on Common Shares will be automatically reinvested by the Plan Administrator for shareholders in each Fund&#8217;s Dividend Reinvestment Plan (the &#8220;Plan&#8221;), in additional Common Shares. Shareholders who elect not to participate in the Plan will receive all dividends and other distributions in cash paid by check mailed directly to the shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by the Plan Administrator as dividend disbursing agent. You may elect not to participate in the Plan and to receive all dividends in cash by contacting the Plan Administrator, as dividend disbursing agent, at the address set forth below. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Some brokers may automatically elect to receive cash on your behalf and may re&#8211;invest that cash in additional Common Shares for you. If you wish for all dividends declared on your Common Shares to be automatically reinvested pursuant to the Plan, please contact your broker.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Plan Administrator will open an account for each Common Shareholder under the Plan in the same name in which such Common Shareholder&#8217;s Common&#160; Shares&#160; are registered. Whenever a&#160; Fund&#160; declares a dividend&#160; or other distribution&#160; (together, a&#160; &#8220;Dividend&#8221;)&#160; payable&#160; in&#160; cash, non&#8211; participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Common Shares. The Common Shares will be acquired by the Plan Administrator for the participants&#8217; accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from a Fund (&#8220;Newly Issued Common Shares&#8221;) or (ii) by purchase of outstanding Common Shares on the open market (&#8220;Open&#8211;Market Purchases&#8221;) on the American Stock Exchange or elsewhere. If, on the payment date for any Dividend, the closing market price plus estimated brokerage commissions per Common Share is equal to or greater than the net asset value per Common Share, the Plan Administrator will invest the Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant&#8217;s account will be determined by dividing the dollar amount of the Dividend by the net asset value per Common Share on the payment date; provided that, if the net asset value is less than or equal to 95% of the closing market value on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing market price per Common Share on the payment date. If, on the payment date for any Dividend, the net asset value per Common Share is greater than the closing market value plus estimated brokerage commissions, the Plan Administrator will invest the Dividend amount in Common Shares acquired on behalf of the participants in Open&#8211;Market Purchases. In the event of a market discount on the payment date for any Dividend, the Plan Administrator will have until the last business day before the next date on which the Common Shares trade on an &#8220;ex&#8211;dividend&#8221; basis or 30 days after the payment date for such Dividend, whichever is sooner (the &#8220;Last Purchase Date&#8221;), to invest the Dividend amount in Common Shares acquired in Open&#8211;Market Purchases. If, before the Plan Administrator has completed its Open&#8211;Market Purchases, the market price per Common Share exceeds the net asset value per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the net asset value of the Common Shares, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open&#8211;Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Dividend amount in Open&#8211;Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open&#8211;Market Purchases and may invest the uninvested portion of the Dividend amount in Newly Issued Common Shares at the net asset value per Common Share at the close of business on the Last Purchase Date provided that, if the net asset value is less than or equal to 95% of the then current market price per Common Share; the dollar amount of the Dividend will be divided by 95% of the market price on the payment date.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Plan Administrator maintains all shareholders&#8217; accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common Shares in the account of each Plan&#160; participant will be held by the Plan Administrator on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">In the case of Common Shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder&#8217;s name and held for the account of beneficial owners who participate in the Plan.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">There will be no brokerage charges with respect to Common Shares issued directly by a Fund. However, each participant will pay a pro rata share of brokerage commissions incurred in connection with Open&#8211;Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Participants that request a sale of Common Shares through the Plan Administrator are subject to brokerage commissions.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Each Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, each Fund reserves the right to amend the Plan to include a service charge payable by the participants.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">All correspondence or questions concerning the Plan should be directed to the Plan Administrator, DST Systems, Inc.,&#160; 333 West 11<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">th&#160; </sup>Street, 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;LINE-HEIGHT: 1; FONT-SIZE: smaller; VERTICAL-ALIGN: text-top">th</sup> Floor, Kansas City, Missouri 64105.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report&#160;|&#160;April 30, 2016</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif">Clough Global Funds</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif">Additional Information</div>
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 April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">FUND PROXY VOTING POLICIES &amp; PROCEDURES</div>

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 Each Fund&#8217;s policies and procedures used in determining how to vote proxies relating to portfolio securities are available on the Funds&#8217; website at http://www.cloughglobal.com. Information regarding how each Fund voted proxies relating to portfolio securities held by each Fund for the period ended June 30, are available without charge, upon request, by contacting the Funds at 1-877-256-8445 and on the Commission&#8217;s website at http://www.sec.gov.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PORTFOLIO HOLDINGS</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Funds file their complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N&#8211;Q within 60 days after the end of the period. Copies of the Funds&#8217; Form N&#8211;Q are available without a charge, upon request, by contacting the Funds at 1&#8211;877&#8211; 256&#8211;8445 and on the Commission&#8217;s website at http://www.sec.gov. You may also review and copy Form N&#8211;Q at the Commission&#8217;s Public Reference Room in Washington, D.C. For more information about the operation of the Public Reference Room, please call the Commission at 1&#8211;800&#8211;SEC&#8211;0330.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that each Fund may purchase at market prices from time to time shares of its common stock in the open market.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SECTION 19(A) NOTICES</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted there under. Each Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the fiscal year-to-date cumulative distribution amount per share for each Fund.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The amounts and sources of distributions reported in these 19(a) notices are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&#8217;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Cumulative Distributions for</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">the period ended April 30, 2016</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">% Breakdown of the Total Cumulative Distributions</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">for the period ended April 30, 2016</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Investment </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Income</font></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Realized </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Capital </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Gains</font></div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Return of </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Capital</font></div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Per </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Common </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Share</font></div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Investment </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Income</font></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Realized </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Capital </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Gains</font></div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Return of </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Capital</font></div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 10.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Total Per </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Common </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Share</font></div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Allocation Fund</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$0.00000</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$0.59270</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$0.12730</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$0.72000</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">82.32%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">17.68%</div>
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<td style="BACKGROUND-COLOR: #dcdcdc; WIDTH: 10.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
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<tr>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Equity Fund</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$0.00000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$0.57500</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$0.11500</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$0.69000</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">83.33%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.67%</div>
</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 10.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 20%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Clough Global Opportunities Fund</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$0.00000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$0.18010</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10.46%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$0.41990</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10.44%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$0.60000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">30.02%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">69.98%</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 10.12%; VERTICAL-ALIGN: bottom">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Each Fund&#8217;s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, each Fund may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by each Fund for any particular month may be more or less than the amount of net investment income earned by the Fund during such month. Each Fund&#8217;s current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.</div>

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<div style="FONT-FAMILY: 'Times New Roman', Times, serif">52</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">www.cloughglobal.com</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif">Clough Global Funds</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif">Investment Advisory Agreement Approval</div>
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 April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">On April 14, 2016, the Board of Trustees (the &#8220;Board&#8221; or the &#8220;Trustees&#8221;) of each of Clough Global Allocation Fund (&#8220;GLV&#8221;), Clough Global Equity Fund (&#8220;GLQ&#8221;) and Clough Global Opportunities Fund (&#8220;GLO&#8221; and together with GLV and GLQ, each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) met in person to, among other things, review and consider the renewal of the Investment Advisory Agreement with each Fund (each, an &#8220;Advisory Agreement&#8221; and collectively, the &#8220;Advisory Agreements&#8221;).&#160; During their review of each Advisory Agreement, the Trustees, including the Trustees who are not &#8220;interested persons&#8221; of the Fund (the &#8220;Independent Trustees&#8221;), as that term is defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), considered in general the nature, quality and scope of services to be provided by Clough.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Prior&#160; to&#160; the beginning&#160; of&#160; their&#160; review of&#160; the Advisory Agreements, counsel to&#160; the Funds, who&#160; also&#160; serves as&#160; independent counsel&#160; to&#160; the Independent Trustees, discussed with the Trustees their role and fiduciary responsibilities in general and also specifically under the 1940 Act with respect to the renewal of each Advisory Agreement.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Representatives from Clough discussed Clough&#8217;s materials relating to the Trustees&#8217; consideration of renewal of the Advisory Agreements. It was noted that included in the Board materials were responses by Clough to a questionnaire prepared by legal counsel to the Funds to assist the Board in evaluating whether to renew the Advisory Agreements (the &#8220;15(c) Materials&#8221;). The Board noted that the 15(c) Materials were extensive, and included information relating to: each Fund&#8217;s investment results, portfolio composition, advisory fee and expense comparisons and profitability to Clough;&#160; financial&#160; information&#160; regarding&#160; Clough;&#160; descriptions&#160; of&#160; policies,&#160; including&#160; compliance&#160; monitoring&#160; and&#160; portfolio&#160; trading&#160; practices; information about the personnel providing investment management services to the Funds; and the nature of services provided under each Advisory Agreement.</div>

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</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Board reviewed the organizational structure and business operations of Clough.&#160; The Board also reviewed the qualifications of Clough and its principals to act as each Fund&#8217;s investment adviser. The Board considered the professional experience of the portfolio managers, Eric A. Brock, James E. Canty and Charles I. Clough, Jr., Partners at Clough, as well as Robert Zdunczyk, portfolio manager of the Clough Global Allocation Fund and Clough Global Opportunities Fund (collectively, the &#8220;Portfolio Managers&#8221;), emphasizing that each of the Portfolio Managers had substantial experience as&#160; an&#160; investment&#160; professional.&#160; The&#160; Trustees&#160; acknowledged&#160; their&#160; familiarity&#160; with&#160; the&#160; expertise&#160; and&#160; standing&#160; in&#160; the&#160; investment community of the Portfolio Managers, and their satisfaction with the expertise of Clough and the services provided by Clough to the Funds. The Trustees concluded that the portfolio management team was well qualified to serve the Funds in those functions.&#160;&#160; Recent changes in Clough personnel, including certain additions were noted.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Board discussed with representatives from Clough various investment products managed by Clough other than the Funds. The Board also considered the adequacy of Clough&#8217;s facilities. The Trustees concluded that Clough appeared to have adequate procedures and personnel in place to ensure compliance by Clough with applicable law and with each Fund&#8217;s investment objectives and restrictions.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Board reviewed the terms of the Advisory Agreements, noting that Clough would receive a fee of 0.70%, 0.90% and 1.00% based on the average daily total assets of Clough Global Allocation Fund, Clough Global Equity Fund and Clough Global Opportunities Fund, respectively. The Trustees&#160; reviewed&#160; the&#160; fees&#160; charged&#160; by&#160; Clough&#160; to&#160; other&#160; clients&#160; for&#160; which&#160; it&#160; provides&#160; comparable&#160; services.&#160; The&#160; Trustees&#160; also&#160; reviewed Clough&#8217;s balance sheet for the year ended December 31, 2015. The Trustees further reviewed a profit and loss analysis as it relates to Clough&#8217;s advisory business.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Board reviewed Clough&#8217;s procedures relating to compliance and oversight, noting that a copy of Clough&#8217;s compliance program was included in the Board materials. The Board further reviewed information provided by Clough on whether Clough has experienced or anticipates it may experience conflicts of interest in managing the Funds.&#160; The Board also considered that the materials contained information regarding Clough&#8217;s business continuity and disaster recovery plans as well as steps Clough has undertaken to reasonably detect and prevent cybersecurity crimes. The Board also considered information related to Clough&#8217;s trading activities and how Clough monitors best execution. The Board discussed the possible benefits Clough may accrue because of its relationship with the Funds as well as potential benefits that accrue to the Funds because of their relationship with Clough. The Board considered that Clough does not realize any direct benefits due to the allocation of brokerage and related transactions on behalf of the Funds.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Board reviewed materials regarding the comparability of the investment advisory fees of the Funds with the investment advisory fees of other investment companies (each, an &#8220;Expense Group&#8221;), which had been prepared by Strategic Insight, an Asset International Company (&#8220;Strategic Insight&#8221;).&#160; The&#160; Board&#160; also&#160; considered&#160; information&#160; in&#160; the&#160; Strategic&#160; Insight&#160; report&#160; regarding&#160; each&#160; Fund&#8217;s&#160; investment performance as&#160; well&#160; as comparisons of each Fund&#8217;s performance with the performance during similar periods of other funds in its Expense Group and comparisons of cost and expense structures of each Fund with the cost and expense structures of other funds in the relevant Expense Group, and related matters.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Board took into consideration that the Funds may be unique in the registered fund marketplace and that Strategic Insight had a difficult time presenting a large peer group for comparison. For each Fund, the Board compared fees from other leveraged closed-end investment companies that&#160; Strategic&#160; Insight&#160; classified&#160; as&#160; &#8220;global&#160; funds&#8221;&#160; versus&#160; Clough&#160; Global&#160; Allocation&#160; Fund&#8217;s,&#160; Clough&#160; Global&#160; Equity&#160; Fund&#8217;s&#160; and&#160; Clough&#160; Global Opportunities Fund&#8217;s fees as part of the expense group (the &#8220;Expense Group&#8221;).&#160;&#160; The Board considered the extent to which each Fund utilizes leverage and short sales, thereby increasing its investment-related expenses and concluded that the use of leverage and short sales is an important part of each Fund&#8217;s investment strategy to attempt to meet each Fund&#8217;s investment objective. The Board also considered that they believe investment related expenses are operational in nature and should not be considered a management expense.&#160; The Board further considered that Strategic Insight defined investment related expenses to include, but not be limited to, dividends on securities sold short, interest expense, reverse repurchase agreements, swaps, tender costs, and auction fees.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Semi-Annual Report&#160;| April 30, 2016</div>
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 April 30, 2016 (Unaudited)</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">For GLV, the Board considered that the investment advisory fee for managed assets in the Expense Group ranged from GLV&#8217;s low of 0.70% to 1.105%, with a median of 0.982%. For GLV, the Board also considered that as prepared by Strategic Insight, the net total expenses for the Expense Group on managed assets, excluding investment related expenses, ranged from GLV&#8217;s low of 1.051% to 1.619%, with a median of 1.159%.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">For GLQ, the Board considered that the investment advisory fee for managed assets in the Expense Group ranged from 0.850% to 1.000%, with GLQ falling at the median of 0.900%. For GLQ, the Board also considered that as prepared by Strategic Insight, the net total expenses for the Expense Group on managed assets, excluding investment related expenses, ranged from 0.961% to 1.388%, with a median of 1.293% and GLQ at 1.332%.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">For GLO, the Board considered that the investment advisory fee for managed assets in the Expense Group ranged from 0.850% to 1.105%, with GLO falling at the median of 1.000%. For GLO, the Board also considered that as prepared by Strategic Insight, the net total expenses for the Expense Group on managed assets, excluding investment related expenses, ranged from 1.119% to 1.619%, with a median of 1.175% and GLO at 1.353%.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The&#160; Trustees reviewed each Fund&#8217;s&#160; performance as&#160; compared&#160; to&#160; the performance of&#160; each&#160; Fund&#8217;s&#160; Expense&#160; Group&#160; for&#160; the one&#160; year ended February 29, 2016.</div>

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<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="6309a48fb6da494bb1aae7c14875cd41" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">For GLV, the annual net total return performance data for GLV&#8217;s Expense Group ranged from a high of -6.38% to a low of -30.76% with a median of -12.90%. GLV&#8217;s performance was -16.35%.</td>
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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="194db70547f24332af0b5b7356460844" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">For GLQ, the annual net total return performance data for GLQ&#8217;s Expense Group ranged from a high of -9.98% to a low of -25.30% with a median of -17.30%. GLQ&#8217;s performance was -18.75%.</td>
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<div style="TEXT-ALIGN: justify">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">For GLO, the annual net total return performance data for GLO&#8217;s Expense Group ranged from a high of -6.38% to a low of -30.76% with a median of -12.90%. GLO&#8217;s performance was -16.84%.</td>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Trustees also reviewed each Fund&#8217;s performance as compared to the performance of each Fund&#8217;s Expense Group for the one year ended December 31, 2015.</div>

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<div style="TEXT-ALIGN: justify">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="ebf1cd8de3fe47cda3da9e765a3ccb36" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">For GLV, the annual net total return performance data for GLV&#8217;s Expense Group ranged from a high of 0.91% to a low of -23.09% with a median of -4.34%. GLV&#8217;s performance was -4.13%.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">For GLQ, the annual net total return performance data for GLQ&#8217;s Expense Group ranged from a high of 3.01% to a low of -19.43% with a median of -4.79%. GLQ&#8217;s performance was -4.79%.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">For GLO, the annual net total return performance data for GLO&#8217;s Expense Group ranged from a high of 0.91% to a low of -23.09% with a median of -4.59%. GLO&#8217;s performance was -4.62%.</td>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The Independent Trustees met in executive session and with the assistance of legal counsel reviewed and discussed in more detail the information that had been presented relating to Clough, the Advisory Agreements and Clough&#8217;s profitability.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">After executive session, the Board of Trustees of the Fund, present in person, with the Independent Trustees present in person voting separately, unanimously concluded that the investment advisory fee of 0.70% of Clough Global Allocation Fund&#8217;s total assets, 0.90% of Clough Global Equity Fund&#8217;s total assets and 1.00% of Clough Global Opportunities Fund&#8217;s total assets are fair and reasonable for each respective Fund and that the renewal of the Advisory Agreements is in the best interests of the Funds and their shareholders.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2016 SEMI-ANNUAL REPORT</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Item 2.&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Code of Ethics.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Item 3.&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Audit Committee Financial Expert.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Item 4.&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Principal Accountant Fees and Services.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Item 5.&#160; </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Audit Committee of Listed Registrants.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Item 6.&#160;&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Schedule of Investments.</font></div>

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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">a.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Item 7.&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Item 8.&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Portfolio Managers of Closed-End Management Investment Companies.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Robert Zdunczyk was appointed a Portfolio Manager of the Fund on April 14, 2016.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Length of Service</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Business Experience:&#160; 5 Years</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Robert Zdunczyk</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Portfolio Manager &amp; Fixed Income Analyst</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">04/14/16</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Mr. Zdunczyk has over&#160;22 years of industry experience which includes analysis of fixed income securities, fixed income trading, equity research, portfolio management, and accounting. He has been an Analyst at Clough Capital Partners L.P. since 2005, where he has been managing fixed income portfolios, specialty finance equity research and fixed income trading.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(a)(2) As of April 30, 2016, the Portfolio Manager listed above is also responsible for the day-to-day management of the following:</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Registered</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Other Pooled</div>

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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Other</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Material</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">If Any</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Robert Zdunczyk</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2&#160;Accounts</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">$1,528.0 million total accounts</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 19.99%; VERTICAL-ALIGN: top">None</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">See below <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></div>
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<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup></td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Material Conflicts:</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Material conflicts of interest may arise as a result of the fact that the Portfolio Managers also have day-to-day management responsibilities with respect to both the Registrant and the various accounts listed above (collectively with the Registrant, the &#8220;Accounts&#8221;). These potential conflicts include:</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Limited Resources.</font>&#160; The Portfolio Managers cannot devote their full time and attention to the management of each of the Accounts. Accordingly, the Portfolio Managers may be limited in their ability to identify investment opportunities for each of the Accounts that are as attractive as might be the case if the Portfolio Managers were to devote substantially more attention to the management of a single Account. The effects of this potential conflict may be more pronounced where the Accounts have different investment strategies.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Limited Investment Opportunities.</font>&#160; If the Portfolio Managers identify a limited investment opportunity that may be appropriate for more than one Account, the investment opportunity may be allocated among several Accounts. This could limit any single Account&#8217;s ability to take full advantage of an investment opportunity that might not be limited if the Portfolio Managers did not provide investment advice to other Accounts.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Different Investment Strategies.</font>&#160; The Accounts managed by the Portfolio Managers have differing investment strategies. If the Portfolio Managers determine that an investment opportunity may be appropriate for only some of the Accounts or decide that certain of the Accounts should take different positions with respect to a particular security, the Portfolio Managers may effect transactions for one or more Accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or more other Accounts.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Mr. Zdunczyk receives a fixed base salary and an annual bonus based on his individual performance and the overall profitability of the firm.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">(a)(4) Dollar Range of Securities Owned as of April 30, 2016.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Dollar Range of the Registrant&#8217;s Securities Owned by the Portfolio Managers</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Robert Zdunczyk</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc; WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">$5,001-$10,000</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Item 9.&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Not applicable.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Item 10.&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Submission of Matters to a Vote of Security Holders.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">There have been no material changes by which shareholders may recommend nominees to the Board of Trustees.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Item 11.&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Controls and Procedures.</font></div>

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<td style="WIDTH: 19.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">(a)</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">The Registrant&#8217;s principal executive officer and principal financial officer have concluded that the Registrant&#8217;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.</td>
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<td style="WIDTH: 19.5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">(b)</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">There was no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended)&#160; 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's internal control over financial reporting.</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Item 12.&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Exhibits.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">(a)(1)&#160; Not applicable to semi-annual report.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">(a)(2)&#160; The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex-99.Cert.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">(a)(3)&#160; Not applicable.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">(b)&#160; A certification for the Registrant&#8217;s Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Ex-99.906Cert.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">(c)&#160; Pursuant to the Securities and Exchange Commission&#8217;s Order granting relief from Section 19(b) of the Investment Company Act of 1940 dated September 21, 2009, the form of 19(a) Notices to Beneficial Owners are attached hereto as Exhibit 12(c).</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SIGNATURES</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">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.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">CLOUGH GLOBAL EQUITY FUND</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">/s/ Edmund J. Burke</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Edmund J. Burke</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">July 8, 2016</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">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.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">CLOUGH GLOBAL EQUITY FUND</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">/s/ Edmund J. Burke</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Edmund J. Burke</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">/s/ Jeremy O. May</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Jeremy O. May</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Ex. 99.Cert</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">I, Edmund J. Burke, President and Principal Executive Officer of the Clough Global Equity Fund, certify that:</div>

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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">I have reviewed this report on Form N-CSR of the Clough Global Equity Fund;</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">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;</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">3.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">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;</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">4.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">The Registrant&#8217;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:</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">a.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font></td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">b.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">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;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">c.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Evaluated the effectiveness of the Registrant&#8217;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</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">d.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Disclosed in this report any change in the Registrant&#8217;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&#8217;s internal control over financial reporting; and</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">5.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">The Registrant&#8217;s other certifying officer and I have disclosed to the Registrant&#8217;s auditors and the audit committee of the Registrant&#8217;s board of directors (or persons performing the equivalent functions);</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">a.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">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&#8217;s ability to record, process, summarize, and report financial information; and</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">b.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant&#8217;s internal control over financial reporting.</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">By:</div>
</td>
<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 35%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">/s/ Edmund J. Burke</div>
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<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Edmund J. Burke</div>
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<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">President/Principal Executive Officer</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Date:</div>
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<div style="text-align: left; line-height: 1.15; font-family: 'Times New Roman', Times, serif; font-size: 11pt;">July 8, 2016</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">I, Jeremy O. May, Treasurer and Principal Financial Officer of the Clough Global Equity Fund, certify that:</div>

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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">I have reviewed this report on Form N-CSR of the Clough Global Equity Fund;</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">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;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="9b33bcce09f14e99a830e0c0456657f3" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">3.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">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;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="3c5fbf9e1d2a406092b71f9d0d35fd4b" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">4.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">The Registrant&#8217;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:</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">a.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt"><br>
</font></td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">b.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">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;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">c.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Evaluated the effectiveness of the Registrant&#8217;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</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="90b54293f8cd4c71b34c9e83e52ef943" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">d.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">Disclosed in this report any change in the Registrant&#8217;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&#8217;s internal control over financial reporting; and</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="ceb43c9d2fa34a6c8f7e7453ad8186a9" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">5.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">The Registrant&#8217;s other certifying officer and I have disclosed to the Registrant&#8217;s auditors and the audit committee of the Registrant&#8217;s board of directors (or persons performing the equivalent functions);</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">a.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">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&#8217;s ability to record, process, summarize, and report financial information; and</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="6b75993460754f2ba639464602ddefc3" class="DSPFListTable" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">b.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant&#8217;s internal control over financial reporting.</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">By:</div>
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<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 35%; VERTICAL-ALIGN: top">
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<div style="text-align: left; line-height: 1.15; font-family: 'Times New Roman', Times, serif; font-size: 11pt;">July 8, 2016</div>
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<TYPE>EX-99.906 CERT
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<title></title>
<!--Licensed to: FilePoint
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<body style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" bgcolor="#ffffff" text="#000000">
<div>
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Exhibit 99.906Cert</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. &#167; 1350, and accompanies the report on Form N-CSR for the period ended April 30, 2016 (the &#8220;Report&#8221;) of the Clough Global Equity Fund (the &#8220;Company&#8221;).</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">I, Edmund J. Burke, the President and Principal Executive Officer of the Company, certify that:</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</td>
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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Dated:</div>
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<div style="text-align: left; line-height: 1.15; font-family: 'Times New Roman', Times, serif; font-size: 11pt;">July 8, 2016</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">By:</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">/s/ Edmund J. Burke</div>
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<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Edmund J. Burke</div>
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<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">President/Principal Executive Officer</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. &#167; 1350, and accompanies the report on Form N-CSR for the period ended April 30, 2016 (the &#8220;Report&#8221;) of the Clough Global Equity Fund (the &#8220;Company&#8221;).</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">I, Jeremy O. May, the Treasurer and Principal Financial Officer of the Company, certify that:</div>

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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</td>
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<td style="WIDTH: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; VERTICAL-ALIGN: top">the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Dated:</div>
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<div style="text-align: left; line-height: 1.15; font-family: 'Times New Roman', Times, serif; font-size: 11pt;">July 8, 2016</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">By:</div>
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<td style="BORDER-BOTTOM: black 2px solid; WIDTH: 35%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">/s/ Jeremy O. May</div>
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<td style="WIDTH: 60%; VERTICAL-ALIGN: top">&#160;</td>
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<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 35%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Jeremy O. May</div>
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<td style="WIDTH: 5%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Treasurer/Principal Financial Officer</div>
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<td style="WIDTH: 60%; VERTICAL-ALIGN: top">&#160;</td>
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<DOCUMENT>
<TYPE>EX-99.12.D
<SEQUENCE>4
<FILENAME>fp0020176_ex9912d.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: FilePoint
    Document created using EDGARfilings PROfile 4.0.0.0
    Copyright 1995 - 2016 Summit Financial Printing, LLC.  All rights reserved.-->
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<body style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" bgcolor="#ffffff" text="#000000">
<div>&#160;</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-WEIGHT: bold">CLOUGH GLOBAL EQUITY FUND</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Statement Pursuant to Section 19(a) of the Investment Company Act of 1940</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">On November 30, 2015, the Clough Global Equity Fund (NYSE MKT: GLQ) (the &#8220;Fund&#8221;), a closed-end fund, paid a monthly distribution on its common stock of $0.1150 per share to shareholders of record at the close of business on November 19, 2015.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Current Distribution from:</div>
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<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">&#160;</td>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Per Share ($)</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Investment Income</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
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<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Short-Term Capital Gain</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Long-Term Capital Gain</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
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<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Return of Capital or other Capital Source</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total (per common share)</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
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<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
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<tr>
<td style="BORDER-LEFT: #000000 2px solid; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fiscal Year-to-Date Cumulative Distributions from:</div>
</td>
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<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
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<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Per Share ($)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
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<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Investment Income</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Short-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Long-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Return of Capital or other Capital Source</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total (per common share)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&#8217;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8216;yield&#8217; or &#8216;income.&#8217;</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Presented below are return figures, based on the change in the Fund&#8217;s Net Asset Value per share (&#8220;NAV&#8221;), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.</div>

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</div>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fund Performance &amp; Distribution Information</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="3abd0873092947c19e41412b064f5255" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Fiscal Year to Date (11/01/2014 through 10/31/2015)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Annualized Distribution Rate as a Percentage of NAV^</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9.14%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Cumulative Distribution Rate on NAV^</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.76%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Cumulative Total Return on NAV*</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.76%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Average Annual Total Return on NAV for the 5 Year Period Ending 10/31/2015**</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7.53%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="f194610c860a44d7b4025409e2ffa99c" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">^</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Based on the Fund&#8217;s NAV as of October 31, 2015.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="ef0579c9c3694fbb941e012c1b4dea21" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">*</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2014 through October 31, 2015.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="c5c1e13783a249e2ab95f4940aea9f6f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">**</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">While the NAV performance may be indicative of the Fund&#8217;s investment performance, it does not measure the value of a shareholder&#8217;s investment in the Fund. The value of a shareholder&#8217;s investment in the Fund is determined by the Fund&#8217;s market price, which is based on the supply and demand for the Fund&#8217;s shares in the open market. <font style="FONT-WEIGHT: bold">Shareholders should not draw any conclusions about the Fund&#8217;s investment performance from the amount of this distribution or from the terms of the Fund&#8217;s Managed Distribution Plan.</font></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund&#8217;s distribution level, taking into consideration the Fund&#8217;s net asset value and the financial market environment. The Fund&#8217;s distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CLOUGH GLOBAL EQUITY FUND</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Statement Pursuant to Section 19(a) of the Investment Company Act of 1940</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">On December 31, 2015, the Clough Global Equity Fund (NYSE MKT: GLQ) (the &#8220;Fund&#8221;), a closed-end fund, paid a monthly distribution on its common stock of $0.1150 per share to shareholders of record at the close of business on December 18, 2015.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="c1066e3c12474a0ba53250599481a9e5" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-LEFT: #000000 2px solid; WIDTH: 70%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Current Distribution from:</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Per Share ($)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Investment Income</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Short-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Long-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Return of Capital or other Capital Source</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total (per common share)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>

<tr>
<td style="TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fiscal Year-to-Date Cumulative Distributions from:</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Per Share ($)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Investment Income</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Short-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Long-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">50.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Return of Capital or other Capital Source</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">50.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total (per common share)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.2300</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&#8217;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8216;yield&#8217; or &#8216;income.&#8217;</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Presented below are return figures, based on the change in the Fund&#8217;s Net Asset Value per share (&#8220;NAV&#8221;), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fund Performance &amp; Distribution Information</div>

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</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="e233f02706b74454a5f15b26ea63a6d5" border="0" cellspacing="0" cellpadding="2">
<tr>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Fiscal Year to Date (11/01/2015 through 11/30/2015)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Annualized Distribution Rate as a Percentage of NAV^</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9.17%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Cumulative Distribution Rate on NAV^</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">1.53%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Cumulative Total Return on NAV*</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.58%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Average Annual Total Return on NAV for the 5 Year Period Ending 11/30/2015**</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">7.56%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">^</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Based on the Fund&#8217;s NAV as of November 30, 2015.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="6e68f84a2b104d7a8f1fbb8b3af853b9" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">*</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2015 through November 30, 2015.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="2f315080c9624fc3b627f7e7431ea37a" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">**</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">While the NAV performance may be indicative of the Fund&#8217;s investment performance, it does not measure the value of a shareholder&#8217;s investment in the Fund. The value of a shareholder&#8217;s investment in the Fund is determined by the Fund&#8217;s market price, which is based on the supply and demand for the Fund&#8217;s shares in the open market. <font style="FONT-WEIGHT: bold">Shareholders should not draw any conclusions about the Fund&#8217;s investment performance from the amount of this distribution or from the terms of the Fund&#8217;s Managed Distribution Plan.</font></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund&#8217;s distribution level, taking into consideration the Fund&#8217;s net asset value and the financial market environment. The Fund&#8217;s distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CLOUGH GLOBAL EQUITY FUND</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Statement Pursuant to Section 19(a) of the Investment Company Act of 1940</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">On January 29, 2016, the Clough Global Equity Fund (NYSE MKT: GLQ) (the &#8220;Fund&#8221;), a closed-end fund, paid a monthly distribution on its common stock of $0.1150 per share to shareholders of record at the close of business on January 15, 2016.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.</div>

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</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="0a320727e01a42f095c7f2aa5a711a90" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-LEFT: #000000 2px solid; WIDTH: 70%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Current Distribution from:</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Per Share ($)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Investment Income</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Short-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Long-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Return of Capital or other Capital Source</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total (per common share)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>

<tr>
<td style="TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fiscal Year-to-Date Cumulative Distributions from:</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Per Share ($)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Investment Income</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Short-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Long-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.2300</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">66.67%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Return of Capital or other Capital Source</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">33.33%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total (per common share)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.3450</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&#8217;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8216;yield&#8217; or &#8216;income.&#8217;</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Presented below are return figures, based on the change in the Fund&#8217;s Net Asset Value per share (&#8220;NAV&#8221;), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.</div>

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</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fund Performance &amp; Distribution Information</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="bdfc6c40806b43319f24aad51fc4ba7d" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Fiscal Year to Date (11/01/2015 through 12/31/2015)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Annualized Distribution Rate as a Percentage of NAV^</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">9.51%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Cumulative Distribution Rate on NAV^</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.38%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Cumulative Total Return on NAV*</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-2.13%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Average Annual Total Return on NAV for the 5 Year Period Ending 12/31/2015**</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5.73%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="493aea1c461943fdb1656ed7b11fd565" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">^</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Based on the Fund&#8217;s NAV as of December 31, 2015.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="d904a0641a5d448d9ccd6cdcd4886896" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">*</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2015 through December 31, 2015.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="aa64fe7735de4f6086bf9ac9cf406980" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">**</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">While the NAV performance may be indicative of the Fund&#8217;s investment performance, it does not measure the value of a shareholder&#8217;s investment in the Fund. The value of a shareholder&#8217;s investment in the Fund is determined by the Fund&#8217;s market price, which is based on the supply and demand for the Fund&#8217;s shares in the open market. <font style="FONT-WEIGHT: bold">Shareholders should not draw any conclusions about the Fund&#8217;s investment performance from the amount of this distribution or from the terms of the Fund&#8217;s Managed Distribution Plan.</font></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund&#8217;s distribution level, taking into consideration the Fund&#8217;s net asset value and the financial market environment. The Fund&#8217;s distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CLOUGH GLOBAL EQUITY FUND</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Statement Pursuant to Section 19(a) of the Investment Company Act of 1940</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">On February 29, 2016, the Clough Global Equity Fund (NYSE MKT: GLQ) (the &#8220;Fund&#8221;), a closed-end fund, paid a monthly distribution on its common stock of $0.1150 per share to shareholders of record at the close of business on February 19, 2016.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="b96004a0822e417cb901f756e6982665" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-LEFT: #000000 2px solid; WIDTH: 70%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Current Distribution from:</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Per Share ($)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Investment Income</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Short-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Long-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Return of Capital or other Capital Source</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total (per common share)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>

<tr>
<td style="TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fiscal Year-to-Date Cumulative Distributions from:</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Per Share ($)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Investment Income</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Short-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Long-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.3450</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">75.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Return of Capital or other Capital Source</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">25.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total (per common share)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.4600</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&#8217;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8216;yield&#8217; or &#8216;income.&#8217;</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Presented below are return figures, based on the change in the Fund&#8217;s Net Asset Value per share (&#8220;NAV&#8221;), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.</div>

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</div>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fund Performance &amp; Distribution Information</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="4b23a3fbfd5a4ca986d5c1f1c11f6895" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Fiscal Year to Date (11/01/2015 through 1/31/2016)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Annualized Distribution Rate as a Percentage of NAV^</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10.39%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Cumulative Distribution Rate on NAV^</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.46%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Cumulative Total Return on NAV*</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-9.50%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Average Annual Total Return on NAV for the 5 Year Period Ending 1/31/2016**</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.88%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="63af54d43e624a07ad7cc6a79b26b017" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">^</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Based on the Fund&#8217;s NAV as of January 31, 2016.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="48257c98b4d64002ad22cde7ce47a17d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">*</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2015 through January 31, 2016.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="c0d8f3eed4ad42449a9069ae09020edc" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">**</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">While the NAV performance may be indicative of the Fund&#8217;s investment performance, it does not measure the value of a shareholder&#8217;s investment in the Fund. The value of a shareholder&#8217;s investment in the Fund is determined by the Fund&#8217;s market price, which is based on the supply and demand for the Fund&#8217;s shares in the open market. <font style="FONT-WEIGHT: bold">Shareholders should not draw any conclusions about the Fund&#8217;s investment performance from the amount of this distribution or from the terms of the Fund&#8217;s Managed Distribution Plan.</font></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund&#8217;s distribution level, taking into consideration the Fund&#8217;s net asset value and the financial market environment. The Fund&#8217;s distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.</div>

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</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CLOUGH GLOBAL EQUITY FUND</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Statement Pursuant to Section 19(a) of the Investment Company Act of 1940</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">On March 31, 2016, the Clough Global Equity Fund (NYSE MKT: GLQ) (the &#8220;Fund&#8221;), a closed-end fund, paid a monthly distribution on its common stock of $0.1150 per share to shareholders of record at the close of business on March 18, 2016.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="d50bd4335ac84ed8aaec8c1180845774" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-LEFT: #000000 2px solid; WIDTH: 70%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Current Distribution from:</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Per Share ($)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Investment Income</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Short-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Long-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Return of Capital or other Capital Source</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total (per common share)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>

<tr>
<td style="TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fiscal Year-to-Date Cumulative Distributions from:</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Per Share ($)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Investment Income</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Short-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Long-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.4600</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">80.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Return of Capital or other Capital Source</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">20.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total (per common share)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.5750</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&#8217;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8216;yield&#8217; or &#8216;income.&#8217;</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Presented below are return figures, based on the change in the Fund&#8217;s Net Asset Value per share (&#8220;NAV&#8221;), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.</div>

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</div>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fund Performance &amp; Distribution Information</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="04877ba8941c4e79b6a897b65c1e1cf1" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Fiscal Year to Date (11/01/2015 through 2/29/2016)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Annualized Distribution Rate as a Percentage of NAV^</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">11.01%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Cumulative Distribution Rate on NAV^</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">4.59%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Cumulative Total Return on NAV*</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-13.69%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Average Annual Total Return on NAV for the 5 Year Period Ending 2/29/2016**</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">2.42%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="1bd0b7ed94874d7aaca4c55864eecd08" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">^</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Based on the Fund&#8217;s NAV as of February 29, 2016.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="ae18ef8b22f94f3cba3c59362711ad47" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">*</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2015 through February 29, 2016.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="6b81cc91e44d4e6fbe64bc4c047cf76b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">**</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">While the NAV performance may be indicative of the Fund&#8217;s investment performance, it does not measure the value of a shareholder&#8217;s investment in the Fund. The value of a shareholder&#8217;s investment in the Fund is determined by the Fund&#8217;s market price, which is based on the supply and demand for the Fund&#8217;s shares in the open market. <font style="FONT-WEIGHT: bold">Shareholders should not draw any conclusions about the Fund&#8217;s investment performance from the amount of this distribution or from the terms of the Fund&#8217;s Managed Distribution Plan.</font></div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund&#8217;s distribution level, taking into consideration the Fund&#8217;s net asset value and the financial market environment. The Fund&#8217;s distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.</div>

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</div>
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CLOUGH GLOBAL EQUITY FUND</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Statement Pursuant to Section 19(a) of the Investment Company Act of 1940</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">On April 29, 2016, the Clough Global Equity Fund (NYSE MKT: GLQ) (the &#8220;Fund&#8221;), a closed-end fund, paid a monthly distribution on its common stock of $0.1150 per share to shareholders of record at the close of business on April 15, 2016.</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total distribution amount per share, attributable to (i) current and prior fiscal year net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain and (iv) return of capital or other capital source as a percentage of the total distribution amount. These percentages are disclosed for the current distribution as well as the fiscal year-to-date cumulative distribution amount per share for the Fund.</div>

<div style="LINE-HEIGHT: 1.15"><br style="LINE-HEIGHT: 1.15">
</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="f821725cc42146b7b702c90c0669420f" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-LEFT: #000000 2px solid; WIDTH: 70%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Current Distribution from:</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Per Share ($)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Investment Income</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Short-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Long-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
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<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Return of Capital or other Capital Source</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
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<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
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<tr>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total (per common share)</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>

<tr>
<td style="TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fiscal Year-to-Date Cumulative Distributions from:</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Per Share ($)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Investment Income</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Short-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.0000</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.00%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Net Realized Long-Term Capital Gain</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.5750</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">83.33%</div>
</td>
</tr>

<tr>
<td style="BORDER-LEFT: #000000 2px solid; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Return of Capital or other Capital Source</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.1150</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">16.67%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 70%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Total (per common share)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">0.6900</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 15%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">100.00%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&#8217;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8216;yield&#8217; or &#8216;income.&#8217;</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Presented below are return figures, based on the change in the Fund&#8217;s Net Asset Value per share (&#8220;NAV&#8221;), compared to the annualized distribution rate for this current distribution as a percentage of the NAV on the last business day of the month prior to distribution record date.</div>

<div style="MARGIN-TOP: 11pt; MARGIN-BOTTOM: 11pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
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</div>
</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fund Performance &amp; Distribution Information</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="c23a8169eca94835ab11c8cfa0b070b7" border="0" cellspacing="0" cellpadding="2">
<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; WIDTH: 88%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Fiscal Year to Date (11/01/2015 through 3/31/2016)</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Annualized Distribution Rate as a Percentage of NAV^</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">10.65%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Cumulative Distribution Rate on NAV^</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">5.32%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Cumulative Total Return on NAV*</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">-9.79%</div>
</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: justify; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff; WIDTH: 88%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc; WIDTH: 88%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Average Annual Total Return on NAV for the 5 Year Period Ending 3/31/2016**</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc; WIDTH: 12%; VERTICAL-ALIGN: top; BORDER-RIGHT: #000000 2px solid">
<div style="LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">3.14%</div>
</td>
</tr>
</table>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">^</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Based on the Fund&#8217;s NAV as of March 31, 2016.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="a02f5ea010bf48ea9237eb53bae87a2b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">*</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Cumulative fiscal year-to-date return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period November 1, 2015 through March 31, 2016.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt" id="d7f451b4c9ab401bb9e368c97b1c9ffb" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">**</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">The 5 year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.</div>
</td>
</tr>
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<div style="LINE-HEIGHT: 1.15">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">While the NAV performance may be indicative of the Fund&#8217;s investment performance, it does not measure the value of a shareholder&#8217;s investment in the Fund. The value of a shareholder&#8217;s investment in the Fund is determined by the Fund&#8217;s market price, which is based on the supply and demand for the Fund&#8217;s shares in the open market. <font style="FONT-WEIGHT: bold">Shareholders should not draw any conclusions about the Fund&#8217;s investment performance from the amount of this distribution or from the terms of the Fund&#8217;s Managed Distribution Plan.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">Furthermore, the Board of Trustees reviews the amount of any potential distribution and the income, capital gain or capital available. The Board of Trustees will continue to monitor the Fund&#8217;s distribution level, taking into consideration the Fund&#8217;s net asset value and the financial market environment. The Fund&#8217;s distribution policy is subject to modification by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 11pt">&#160;</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
