Top 15 investments by value as at 30 April 2011

	Cost £000	Valuation £000	% of net assets by value
Crantock Bakery*	490	604	9.2
Andor Technology	107	561	8.6
IG Doors	214	451	6.9
IS Pharma	404	437	6.7
Kerridge Commercial Systems*	251	419	6.4
IDOX	250	412	6.3
Advanced Computer Software Group	176	351	5.4
Pilat Media Global	151	338	5.2
Nationwide Accident Repair Services	296	325	5.0
Axial Systems Holdings*	251	289	4.4
Longhirst Venues*	145	230	3.5
Brulines Group	262	180	2.8
Quadnetics Group	235	173	2.6
Prologic	300	160	2.4
Jeff Group	297	160	2.4
Total	3,829	5,090	77.8

* denotes unquoted, others quoted on AIM