Closing Prices - May 31, 2006 NAV $ 14.75 MKT $ 15.06 Total Return Performance Periods ended May 31, 2006 NAV MKT 1 Month* -4.35% -2.08% Year to Date* 12.18 5.65 One-Year 24.80 23.84 Three-Year Average Annual 24.31 29.17 5-Year Average Annual 14.92 19.01 10-Average Annual 13.93 16.31 *Not annualized Portfolio Diagnostics Median Market Cap: $297 million Wtd. Average P/E Ratio: 18.7x* Wtd. Average P/B Ratio: 1.8x Wtd. Average Yield: 0.7% Net Assets Attributable to Common Stock: $326 million Net Leverage: 0%
Portfolio Composition Top 10 Positions % of Net Assets 1. ASA Bermuda 1.4% 2. Universal Truckload Services 1.3 3. Seneca Foods Corporation 1.2 4. Transaction Systems Architects Cl. A 1.2 5. Pason Systems 1.1 6 PAREXEL International 1.1 7. First Acceptance Corporation 1.0 8. Aceto Corporation 0.9 9. Excel Technology, Inc. 0.8 10. Forrester Research, Inc. 0.8 Top Five Industries % of Net Assets 1. Technology 23% 2. Health 15 3. Industrial Products 15 4. Industrial Services 13 5. Natural Resources 10
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