Big discount compared to actual price of Under $12.00 ! As part of its regular quarter-end review, the Fund's Valuation Committee made determinations, consistent with the Fund's valuation procedures and FAS 157, regarding the fair values of the Fund's investments, resulting in an aggregate net increase of approximately $800,000 or $0.03 per share, effective January 31, 2010. The fair values of the following portfolio companies were adjusted: Amersham Corporation, BP Clothing, LLC, Dakota Growers Pasta Company, Inc., LHD Europe Holding, Inc., Octagon Credit Investors, LLC, Ohio Medical Corporation, SGDA Sanierungsgesellschaft fur Deponien und Altlasten GmbH, Summit Research Labs, Inc., Velocitius BV and Vendio Services, Inc.
Not recognized in the above net increase in fair value of the Fund's portfolio is the value created by the sale of Vitality Foodservice, Inc. ("Vitality"), during the quarter, above Vitality's fair market value at October 31, 2009. The proceeds from the sale of Vitality resulted in an aggregate net increase, during the quarter, of approximately $2.3 million to our net asset value or $0.09 per share.
The Fund's net asset value as of January 31, 2010 is approximately $17.64 per share.