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The securities classified available-for-sale reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders&#8217; equity. 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The Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability 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 factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div align="left" style="text-indent: 0pt; margin-right: 122.7pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The three-tier hierarchy of inputs is summarized in the three broad levels listed below.</font></div> <div align="left" style="text-indent: 0pt; margin-right: 122.7pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 1 &#8211; quoted prices in active markets for identical investments</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 2 &#8211; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) </font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Level 3 &#8211; significant unobservable inputs (including the Company&#8217;s own assumptions in determining the fair value of investments) </font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">&#160;</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The following summarizes the levels of fair value measurements of the Company&#8217;s investments:</font></div> <div align="left" style="text-indent: 0pt; 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font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Common stocks</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">103</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">19</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(11</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">111</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">ETFs - equities</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,969</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">419</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,388</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Inverse ETFs - equities</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,878</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(225</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,653</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,950</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">438</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(236</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,152</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div>&#160;</div> <div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The carrying value and fair value of securities available-for-sale at April 30, 2012 were as follows:</font></div> </div> <div align="left"> <div>&#160;</div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></font></div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cost</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Gross Unrealized<br />Gains</font></font></font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Gross</font></font></font></font></div> <font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Unrealized</font></font></font></div> <font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Losses</font></font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font><font style="font-family: times new roman; font-size: 10pt; display: inline;"> <font style="font-family: times new roman; font-size: 10pt; display: inline;">Fair Value</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Common stocks</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">103</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">112</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">ETFs - equities</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,257</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">201</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,453</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Inverse ETFs - equities</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,389</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(73</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,316</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,749</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">215</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(83</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,881</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-style: italic; font-weight: bold; display: inline;">Government Debt Securities (Fixed Income Securities):</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Fixed income securities consist of government debt securities issued by the United States federal government. There were no fixed income securities as of January 31, 2013 or April 30, 2012.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">During the nine months ended January 31, 2012, proceeds from maturities and sales of government debt securities classified as available-for-sale were $11,196,000 and realized losses on sales of fixed income securities was $22,000. The increases in gross unrealized gains on fixed income securities classified as available-for-sale of $9,000, net of deferred taxes of $4,000, were included in Shareholders&#8217; Equity at January 31, 2012. </font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Income from securities transactions was comprised of the following:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div> <div align="left"> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="22%" colspan="6"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Three Months Ended January 31,</font></font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="22%" colspan="6"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Nine Months Ended January 31,</font></font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></font></div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Dividend income</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">34</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">19</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">91</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">46</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Interest income</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">16</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Realized losses on securities available-for- </font>sale (1)</font></div> </div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(18</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(22</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Other</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(2</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(6</font></td> <td style="text-align: left;" valign="top" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Total income from securities transactions, net</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">37</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">93</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">34</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div>&#160;</div> <div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1) This amount was reclassified from Accumulated Other Comprehensive Income in the Consolidated Condensed Balance Sheets to the <font style="font-family: times new roman; font-size: 10pt; display: inline;">Consolidated Condensed Statements of Income.</font></font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> </div> </div> </div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The changes in the value of equity and fixed income securities investments are recorded in Other Comprehensive Income in the Consolidated Condensed Financial Statements. Realized gains and losses are recorded as of the trade date in the Consolidated Condensed Statements of Income when securities are sold, mature or are redeemed. As of January 31, 2013 and April 30, 2012, accumulated other comprehensive income was $131,000 and $85,000, which is net of deferred taxes of $71,000 and $46,000, respectively.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div align="left" style="text-indent: 0pt; margin-right: 281.45pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-style: italic; font-weight: bold; display: inline;">Investment in Unconsolidated Entities:<br />Equity Method Investment:</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of January 31, 2013, and April 30, 2012, the Company&#8217;s investment in EAM Trust, on the Consolidated Condensed Balance Sheet was $57,465,000 and $56,331,000, respectively.</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The value of VLI&#8217;s investment in EAM at January 31, 2013 and April 30, 2012 reflects the fair value of contributed capital of $55,805,000 at inception, plus $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM&#8217;s capital account by VLI, plus VLI&#8217;s share of non-voting revenues and non-voting profits from EAM less distributions, made quarterly to VLI by EAM, during the period subsequent to its initial investment through the dates of the Consolidated Condensed Balance Sheets.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">It is anticipated that EAM will have sufficient liquidity and earn enough profit to conduct its current and future operations so the management of EAM will not need additional funding. Although the distributor had historically received, from the Value Line Funds under the compensation plans it had in place with the Funds, amounts in excess of its actual expenditures, in more recent years the distributor has been spending amounts on promotion of the Value Line Funds in excess of the compensation received from the Funds. Over time, EAM anticipates that its total future expenditures on such promotion will equal or exceed its total future revenues under the Funds&#8217; distribution plans. However, if that should not occur, EAM has no obligation to reimburse the Value Line Funds.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The Company monitors its Investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment. Impairment indicators include, but are not limited to the following: (a) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of the industry in which the investee operates, or (d) factors that raise significant concerns about the investee&#8217;s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital and regulatory requirements. EAM did not record any impairment losses for its assets during the fiscal years 2013 or 2012.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The components of EAM&#8217;s investment management operations, provided to the Company by EAM, were as follows:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="22%" colspan="6" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Three Months Ended January 31,</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="22%" colspan="6" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Nine Months Ended January 31,</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands) <font style="font-family: times new roman; font-size: 10pt; display: inline;">(unaudited) </font></font></div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Investment management fees earned from the </font>Value Line Funds, net of waivers shown below</font></div> </div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,252</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,038</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">9,481</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">9,296</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12b-1 fees and other fees, net of waivers </font>shown below</font></div> </div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">992</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">838</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,868</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,588</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Other income</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Investment management fee waivers (1)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">16</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">179</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">362</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">636</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12b-1 fee waivers (1)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">545</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">534</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,633</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,700</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Value Line&#8217;s non-voting revenues interest</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,472</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,430</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,280</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,251</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">EAM&#8217;s net income (2)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">306</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">52</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">694</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">240</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1) During fiscal 2013 investment management fee waivers primarily related to the U.S. Government Money Market Fund (&#8220;USGMMF&#8221;) which was merged into a third party fund, the Daily Income Fund, managed by Reich &amp; Tang, effective October 19, 2012. The 12b-1 fee waivers related to nine of the Value Line Mutual Funds. In fiscal 2012, investment management fee waivers primarily related to the USGMMF and the 12b-1 fee waivers related to eleven of the Value Line Mutual Funds.</font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(2) Represents EAM&#8217;s net income, after giving effect to Value Line&#8217;s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="56%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">January 31,</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">April 30,</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="56%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="56%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center;" valign="bottom" width="1%" colspan="3"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font><font style="font-family: times new roman; font-size: 10pt; display: inline;">(unaudited)</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="56%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">EAM&#8217;s total assets</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">59,141</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; 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Value Line has no obligation to fund EAM in the future and, as a result, has no exposure to loss beyond its initial investment and any undistributed revenues and profits interests retained in EAM. 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border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="11%" colspan="10" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font> <font style="font-family: times new roman; font-size: 10pt; display: inline;">Value Line</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td align="right" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">VIE Assets</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; 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font-size: 10pt; display: inline;">Liabilities</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Maximum</font></div> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Exposure to<br />Loss</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">As of January 31, 2013 (unaudited)</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; 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text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Gross</font></font></font></div> <font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Unrealized</font></font></div> <font style="font-family: times new roman; font-size: 10pt; display: inline;">Losses</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Fair Value</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Common stocks</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">103</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">19</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(11</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">111</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">ETFs - equities</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,969</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">419</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,388</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Inverse ETFs - equities</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,878</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(225</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,653</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td style="padding-bottom: 4px;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,950</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">438</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(236</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5,152</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div>&#160;</div> <div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The carrying value and fair value of securities available-for-sale at April 30, 2012 were as follows:</font></div> </div> <div align="left"> <div>&#160;</div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></font></div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Cost</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Gross Unrealized<br />Gains</font></font></font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Gross</font></font></font></font></div> <font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Unrealized</font></font></font></div> <font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Losses</font></font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font><font style="font-family: times new roman; font-size: 10pt; display: inline;"> <font style="font-family: times new roman; font-size: 10pt; display: inline;">Fair Value</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Common stocks</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">103</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> $</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">112</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">ETFs - equities</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,257</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">201</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; 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font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">5</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Investment management fee waivers (1)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">16</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">179</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">362</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">636</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12b-1 fee waivers (1)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">545</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">534</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,633</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,700</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Value Line&#8217;s non-voting revenues interest</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,472</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,430</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,280</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">4,251</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">EAM&#8217;s net income (2)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">306</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">52</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">694</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">240</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1) During fiscal 2013 investment management fee waivers primarily related to the U.S. Government Money Market Fund (&#8220;USGMMF&#8221;) which was merged into a third party fund, the Daily Income Fund, managed by Reich &amp; Tang, effective October 19, 2012. The 12b-1 fee waivers related to nine of the Value Line Mutual Funds. In fiscal 2012, investment management fee waivers primarily related to the USGMMF and the 12b-1 fee waivers related to eleven of the Value Line Mutual Funds.</font></div> <div style="text-align: justify; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(2) Represents EAM&#8217;s net income, after giving effect to Value Line&#8217;s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td valign="bottom" width="56%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">January 31,</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">April 30,</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="56%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2013</font><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2012</font></div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="56%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center;" valign="bottom" width="1%" colspan="3"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font><font style="font-family: times new roman; font-size: 10pt; display: inline;">(unaudited)</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="56%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">EAM&#8217;s total assets</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">59,141</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">57,482</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="56%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">EAM&#8217;s total liabilities (1)</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(2,664</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(663</font></td> <td style="text-align: left;" valign="top" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="56%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">EAM&#8217;s total equity</font></div> </td> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">56,477</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">56,819</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> <div>&#160;</div> <div><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1) At January 31, 2013, EAM&#8217;s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,588,000.</font></div> <div align="justify" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td style="padding-bottom: 2px;" valign="bottom" width="32%"></td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center;" valign="bottom" width="10%" colspan="3" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="11%" colspan="10" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font> <font style="font-family: times new roman; font-size: 10pt; 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text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td> <td align="right" style="border-bottom: black 2px solid;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="bottom" width="10%" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">2012</font></div> </td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td> </tr> <tr> <td align="left" valign="bottom" width="46%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; 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font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Before</font></font></font></div> <font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; 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border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%" nowrap="nowrap"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Net of<br /></font></font> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax</font></font></font></div> </div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Change in unrealized gains on securities</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">70</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(78</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">54</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">46</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">70</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(78</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">54</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">46</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> </table> </div> </div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">The components of comprehensive loss that are included in the Consolidated Condensed Statements of Income and Changes in Shareholders&#8217; Equity for the nine months ended January 31, 2012 are as follows:</font></div> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;">&#160;</div> <div> <div align="left"> <table style="width: 80%; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0"> <tr> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">($ in thousands)</font></font></div> </td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Before</font></font></font></div> <font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax</font></font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Expense</font></font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax Benefit</font></font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="10%" colspan="2"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Amount Net of<br /></font></font> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Tax</font></font></font></div> </div> </td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Change in unrealized losses on securities</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(1</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> </tr> <tr> <td align="left" valign="bottom" width="32%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Add: Losses realized in net income</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">22</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(8</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">14</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td valign="bottom" width="32%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">21</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">(8</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;">)</font></td> <td align="left" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="border-bottom-color: black; 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font-family: times new roman; font-size: 10pt;">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">&#160;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;">(15,110</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;">)</font></td> </tr> <tr> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="56%"> <div align="left" style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Total property and equipment, net</font></div> </td> <td align="left" style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; 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font-weight: bold; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" colspan="2" nowrap="nowrap"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Total Average <br />Cost Assigned</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;"> </font></td> <td style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;"> </font></td> <td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" colspan="2"> <div align="center" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Average Cost per Share</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;"> </font></td> <td align="left" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;"> </font></td> <td style="text-align: center; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" colspan="2" nowrap="nowrap"> <div style="text-align: center; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;">Aggregate Purchase Price <br />Remaining Under the Program</font></div> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; font-weight: bold; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="52%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Balance as of April 30, 2012 (1)(2)</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">103,619</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">1,390</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">13.41</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="52%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;">Purchases effected in open market during the quarters ended :</font></div> </td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" valign="bottom" width="52%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> October 31, 2012</font></div> </td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">3,440</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">30</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">8.84</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">2,970</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> </tr> <tr> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="52%"> <div align="left" style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; display: block;"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> January 31, 2013</font></div> </td> <td align="left" style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">12,890</font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%" nowrap="nowrap"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td align="left" style="padding-bottom: 2px; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="1%"><font style="font-family: times new roman; font-size: 10pt; display: inline;"> </font></td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" valign="bottom" width="9%"><font style="font-family: times new roman; font-size: 10pt; display: inline;">117</font></td> <td style="text-align: left; 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