<SEC-DOCUMENT>0001398344-17-002811.txt : 20170302
<SEC-HEADER>0001398344-17-002811.hdr.sgml : 20170302
<ACCEPTANCE-DATETIME>20170302090530
ACCESSION NUMBER:		0001398344-17-002811
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170302
DATE AS OF CHANGE:		20170302
EFFECTIVENESS DATE:		20170302

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORNERSTONE TOTAL RETURN FUND INC
		CENTRAL INDEX KEY:			0000033934
		IRS NUMBER:				132727013
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02363
		FILM NUMBER:		17657096

	BUSINESS ADDRESS:	
		STREET 1:		C/O AST FUND SOLUTIONS
		STREET 2:		48 WALL STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		866-668-6558

	MAIL ADDRESS:	
		STREET 1:		C/O AST FUND SOLUTIONS
		STREET 2:		48 WALL STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EIS FUND INC
		DATE OF NAME CHANGE:	20020109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXCELSIOR INCOME SHARES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<div style="TEXT-ALIGN: center">UNITED STATES</div>

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

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">MANAGEMENT INVESTMENT COMPANIES</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Investment Company Act file number <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>811-02363</u></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Cornerstone Total Return Fund, Inc.

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15">(Exact name of registrant as specified in charter)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">10005</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">(Address of principal executive offices)</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Frank J. Maresca</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">AST Fund Solutions, LLC, 48 Wall Street, 22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">nd</sup> Floor, New York, New York</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">(Name and address of agent for service)</div>
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<div style="LINE-HEIGHT: 1.15">Registrant's telephone number, including area code: (866) 668-6558</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Date of fiscal year end: <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>December 31, 2016</u></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Date of reporting period: <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>December 31, 2016</u></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 1.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">REPORTS TO STOCKHOLDERS.</div>
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15; BACKGROUND-COLOR: #ffffff">Cornerstone Total</div>

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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">Return Fund, Inc.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif">A</font>nnual<font style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif"> R</font>eport</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">December 31, 2016</div>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">CONTENTS </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Portfolio Summary</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Statement of Operations</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Statement of Changes in Net Assets</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Financial Highlights</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Notes to Financial Statements</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Report of Independent Registered Public Accounting Firm</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2016 Tax Information</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Additional Information Regarding the Fund&#8217;s Directors and Corporate Officers</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Description of Dividend Reinvestment Plan</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">20</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Proxy Voting and Portfolio Holdings Information</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Summary of General Information</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Stockholder Information</p>
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<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc.<br>
 Portfolio Summary &#8211; as of December 31, 2016 (unaudited)</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">SECTOR ALLOCATION </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">&#160;</p>

<table id="zd881b794cfa14d88ae535beab4409e46" style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="2" border="0">
<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Sector</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Percent of<br>
 Net Assets</p>
</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Closed-End Funds</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">25.1</p>
</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Information Technology</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">15.6</p>
</td>
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<tr>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Financials</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">10.9</p>
</td>
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<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Health Care</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">9.8</p>
</td>
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<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Industrials</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">8.3</p>
</td>
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<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Consumer Discretionary</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">8.1</p>
</td>
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<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Consumer Staples</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">7.5</p>
</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Energy</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">5.8</p>
</td>
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<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Materials</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2.0</p>
</td>
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<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Telecommunication Services</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">1.9</p>
</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Utilities</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">1.7</p>
</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Exchange-Traded Funds</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">1.6</p>
</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Other</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">1.3</p>
</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Real Estate</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">0.4</p>
</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">TOP TEN HOLDINGS, BY ISSUER* </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">&#160;</p>

<table id="z9361afb17eae483787c343da70f795b1" style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="2" border="0">
<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">&#160;</p>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Holding </p>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Sector </p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Percent of <br>
 Net Assets</p>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">1. </p>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Alphabet Inc.</p>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Information Technology</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">3.2</p>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2. </p>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Microsoft Corporation</p>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Information Technology</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">3.0</p>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">3. </p>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Johnson &amp; Johnson</p>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Health Care</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2.5</p>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">4. </p>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Exxon Mobil Corporation</p>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Energy</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2.2</p>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">5. </p>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">General American Investors Company, Inc.</p>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Closed-End Funds</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2.2</p>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">6. </p>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">General Electric Company</p>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Industrials</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2.1</p>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">7. </p>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Adams Diversified Equity Fund, Inc.</p>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Closed-End Funds</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">1.9</p>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">8. </p>
</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Alpine Global Total Dynamic Dividend Fund</p>
</td>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Closed-End Funds</p>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">1.9</p>
</td>
</tr>

<tr>
<td style="WIDTH: 5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">9. </p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">JPMorgan Chase &amp; Co. </p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Financials</p>
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<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">1.8</p>
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<tr>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">10. </p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">International Business Machines</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Information Technology</p>
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<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">1.7</p>
</td>
</tr>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<div>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">*</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">Excludes short-term investments.</p>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"></p>

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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

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 Schedule of Investments &#8211; December 31, 2016</p>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<table id="z87068f2174894208b1805142ac7a52a1" style="WIDTH: 100%; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Description</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">No. of<br>
 Shares</p>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Value</p>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">EQUITY SECURITIES &#8212; 98.70%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom" colspan="4">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">CLOSED-END FUNDS &#8212; 25.12%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom" colspan="4">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">CORE &#8212; 9.03%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Adams Diversified Equity Fund, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">259,671</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,300,418</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">General American Investors Company, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">117,983</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,672,811</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Liberty All-Star Equity Fund</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">523,884</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,703,241</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Royce Micro-Cap Trust, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">129,683</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,054,323</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Royce Value Trust</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">157,726</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,111,951</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Source Capital, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">28,938</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,039,453</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Tri-Continental Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">68,395</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,508,110</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">15,390,307</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">DEVELOPED MARKET &#8212; 0.30%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Aberdeen Singapore Fund, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">23,724</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">205,450</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Swiss Helvetia Fund, Inc. (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">30,567</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">312,089</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">517,539</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">EMERGING MARKETS &#8212; 1.55%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Aberdeen Chile Fund, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">35,386</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">210,901</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">First Trust/Aberdeen Emerging Opportunity Fund</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">23,365</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">324,773</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Mexico Fund, Inc. (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">14,458</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">203,424</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Morgan Stanley China A Share Fund, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">89,800</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,525,702</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Templeton Dragon Fund, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">20,400</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">334,152</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Turkish Investment Fund, Inc. (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,456</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">36,992</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,635,944</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">GLOBAL &#8212; 5.53%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Alpine Global Dynamic Dividend Fund</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">33,506</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">293,848</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Alpine Global Total Dynamic Dividend Fund</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">420,852</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,190,058</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Clough Global Opportunities Fund</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">280,985</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#160;</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,514,816</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Delaware Enhanced Global Dividend and Income Fund</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">58,606</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">592,507</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Eaton Vance Tax-Advantaged Global Dividend Income Fund</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">11,600</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">163,212</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Gabelli Global Small and Mid Cap Value Trust (The) </p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">28,020</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">297,012</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Gabelli Global Utility &amp; Income Trust (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">8,203</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">137,810</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">GDL Fund (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">96,213</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">946,736</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Lazard Global Total Return and Income Fund, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,220</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">30,503</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Royce Global Value Trust, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">50,533</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">408,307</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Wells Fargo Advantage Global Dividend Opportunity Fund </p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">154,185</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">840,308</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">9,415,117</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">GLOBAL INCOME &#8212; 0.07%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Legg Mason BW Global Income Opportunities Fund Inc. </p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">10,100</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">119,483</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">INCOME &amp; PREFERRED STOCK &#8212; 0.63%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">LMP Capital and Income Fund Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">80,839</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,074,350</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">NATURAL RESOURCES &#8212; 2.34%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Adams Natural Resources Fund, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">88,552</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,786,094</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">BlackRock Resources &amp; Commodities Strategy Trust</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">266,250</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,201,887</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,987,981</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"></p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">See accompanying notes to financial statements.</p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2</p>
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<td style="WIDTH: 96%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
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<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc.<br>
 Schedule of Investments &#8211; December 31, 2016 (continued) </p>
</td>
</tr>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<table id="z022b34e84f454bc09ff1d69afcc2c582" style="WIDTH: 100%; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Description</p>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">No. of<br>
 Shares</p>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Value</p>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">OPTION ARBITRAGE/OPTIONS STRATEGIES &#8212; 1.52%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">AllianzGI NFJ Dividend, Interest &amp; Premium Strategy Fund</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">175,112</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,208,162</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Eaton Vance Tax-Managed Diversified Equity Income Fund</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">10,100</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">104,535</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Voya Global Advantage and Premium Opportunity Fund</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">29,137</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">286,417</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,599,114</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">PACIFIC EX JAPAN &#8212; 0.12%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Aberdeen Greater China Fund, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">21,853</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">189,903</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Thai Fund, Inc. (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,100</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">8,360</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">198,263</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">REAL ESTATE &#8212; 3.95%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Alpine Global Premier Properties Fund</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">400,001</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,052,005</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">CBRE Clarion Global Real Estate Income Fund</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">258,918</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,890,101</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Cohen &amp; Steers Preferred Securities and Income Fund, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">112,200</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,144,142</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">RMR Real Estate Income Fund</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">31,211</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">638,577</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,724,825</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">SECTOR EQUITY &#8212; 0.08%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Nuveen Real Asset Income and Growth Fund</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">8,200</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">129,068</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">TOTAL CLOSED-END FUNDS</p>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">42,791,991</p>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">CONSUMER DISCRETIONARY &#8212; 8.11%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Amazon.com, Inc. *</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,499,740</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">CBS Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">381,720</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Carnival Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">260,300</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Chipotle Mexican Grill, Inc. *</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">800</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">301,856</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Delphi Automotive PLC</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#160;</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">202,050</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Expedia, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">339,840</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Home Depot, Inc. (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">10,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,340,800</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Marriott International, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">496,080</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Mattel, Inc. </p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">137,750</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">McDonald's Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">11,600</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,411,952</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Netflix, Inc. *</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">619,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Newell Brands Inc.</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">7,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">312,550</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">O&#8217;Reilly Automotive, Inc. *</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">278,410</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Ross Stores, Inc.</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">393,600</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Starbucks Corporation</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">18,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">999,360</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Target Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">8,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">577,840</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Time Warner, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">7,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">675,710</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Twenty-First Century Fox, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">8,500</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">231,625</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Twenty-First Century Fox, Inc. - Class A</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">14,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">392,560</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">V.F. Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">320,100</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Viacom, Inc. - Class B</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">175,500</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Walt Disney Company (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">21,500</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,240,730</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Yum! Brands, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,500</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">221,655</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">13,810,728</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">CONSUMER STAPLES &#8212; 7.53%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Altria Group, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">21,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,420,020</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Clorox Company (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">240,040</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Coca-Cola Company (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">30,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,243,800</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Colgate-Palmolive Company</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">10,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">654,400</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">ConAgra Foods, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,500</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">177,975</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">General Mills, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">308,850</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Kellogg Company</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">368,550</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Kimberly-Clark Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">228,240</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Kraft Heinz Company (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">8,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">698,560</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt"></p>

<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">See accompanying notes to financial statements.</p>

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<tr>
<td style="WIDTH: 96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">3</p>
</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
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<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc.<br>
 Schedule of Investments &#8211; December 31, 2016 (continued) </p>
</td>
</tr>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<table id="z5789857d38364159b51f14198d687b6e" style="WIDTH: 100%; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Description</p>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">No. of<br>
 Shares</p>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Value</p>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">CONSUMER STAPLES (Continued)</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Lamb Weston Holdings, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">667</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">25,233</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Molson Coors Brewing Company</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">194,620</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Monster Beverage Corporation *</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">266,040</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">PepsiCo, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">313,890</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Philip Morris International Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">15,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,372,350</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Procter &amp; Gamble Company (The)</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">29,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,438,320</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Reynolds American Inc.</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">14,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">784,560</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Sysco Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">221,480</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Wal-Mart Stores, Inc.</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">27,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,866,240</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">12,823,168</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">ENERGY &#8212; 5.85%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Baker Hughes Incorporated</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">194,910</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Chevron Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">18,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,118,600</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Concho Resources Inc. *</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">265,200</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Exxon Mobil Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">42,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,790,920</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Halliburton Company</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">10,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">540,900</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Occidental Petroleum Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,900</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">420,257</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">ONEOK, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,400</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">80,374</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Phillips 66</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">518,460</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Pioneer Natural Resources Company</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">360,140</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Schlumberger Limited</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">20,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,679,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">9,968,761</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">EXCHANGE-TRADED FUNDS &#8212; 1.57%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">SPDR S&amp;P 500 ETF Trust</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">12,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,682,360</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">FINANCIALS &#8212; 10.89%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Aflac Incorporated</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">348,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Allstate Corporation (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">296,480</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">American International Group, Inc. </p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">9,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">587,790</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Bank of America Corporation </p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">20,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#160;</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">442,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Berkshire Hathaway Inc. - Class B *</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">14,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,281,720</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Capital One Financial Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">436,200</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Chubb Limited</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,203</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">687,420</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Citigroup Inc. </p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">36,700</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,181,081</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">CME Group Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">461,400</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Discover Financial Services</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">288,360</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Franklin Resources, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">11,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">435,380</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Goldman Sachs Group, Inc. (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">7,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,676,150</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">JPMorgan Chase &amp; Co. </p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">35,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,020,150</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Loews Corporation</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">187,320</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">M&amp;T Bank Corporation</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">469,290</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">MetLife, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">14,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">754,460</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Progressive Corporation (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">177,500</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Prudential Financial, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">416,240</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">State Street Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">466,320</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Torchmark Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,600</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">118,016</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Unum Group</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,700</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">118,611</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">U.S. Bancorp</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">17,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">873,290</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Wells Fargo &amp; Company</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">33,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,818,630</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">18,541,808</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">HEALTH CARE &#8212; 9.78%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Abbott Laboratories </p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">21,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">806,610</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Anthem, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">575,080</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Baxter International Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">8,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">354,720</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Boston Scientific Corporation *</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">10,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">216,300</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Bristol-Myers Squibb Company</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">22,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,285,680</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Celgene Corporation *</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">7,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">810,250</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Cigna Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">533,560</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt"></p>

<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">See accompanying notes to financial statements.</p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">4</p>
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<td style="WIDTH: 96%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
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<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc.<br>
 Schedule of Investments &#8211; December 31, 2016 (continued) </p>
</td>
</tr>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<table id="ze0395f65e13f4cde9f4702172ffd930f" style="WIDTH: 100%; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Description</p>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">No. of<br>
 Shares</p>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Value</p>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">HEALTH CARE (Continued)</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Eli Lilly and Company</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">7,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
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<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">514,850</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Johnson &amp; Johnson</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">37,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,262,770</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Medtronic Plc</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">13,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">925,990</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Merck &amp; Company, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">38,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,237,060</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Mylan N.V. *</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">152,600</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Pfizer Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">74,200</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,410,016</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Stryker Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">718,860</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Thermo Fisher Scientific Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">846,600</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">16,650,946</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">INDUSTRIALS &#8212; 8.33%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">3M Company</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">8,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,428,560</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">AdvanSix Inc. *</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">320</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">7,085</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Boeing Company (The)</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">7,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,089,760</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Caterpillar Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">7,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">649,180</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Danaher Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">9,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">700,560</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Deere &amp; Company</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">618,240</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Emerson Electric Co.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">7,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">390,250</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Fortive Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,500</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">187,705</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">General Dynamics Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">517,980</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">General Electric Company</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">112,100</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,542,360</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Johnson Controls International plc</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">247,140</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Lockheed Martin Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,500</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,124,730</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Raytheon Company</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">568,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">United Parcel Service, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">10,100</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,157,864</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">United Technologies Corporation</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">14,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,534,680</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Waste Management, Inc. </p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">425,460</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">14,189,554</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">INFORMATION TECHNOLOGY &#8212; 15.59%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Accenture plc - Class A</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">9,500</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,112,735</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Activision Blizzard, Inc. </p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,700</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">241,937</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Adobe Systems Incorporated *</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">617,700</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Alphabet Inc. - Class A *</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#160;</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">792,450</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Alphabet Inc. - Class C *</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,002</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,632,464</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Automatic Data Processing, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,500</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">668,070</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Broadcom Limited</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,200</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,095,974</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Cisco Systems, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">50,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,511,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Corning Incorporated</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">13,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">315,510</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">eBay Inc. *</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">7,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">207,830</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Facebook, Inc. *</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">19,900</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,289,495</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Fidelity National Information Services, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">302,560</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">International Business Machines</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">17,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,821,830</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Microsoft Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">83,600</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,194,904</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Oracle Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">45,700</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,757,165</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Paychex, Inc,</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,600</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">158,288</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">PayPal Holdings, Inc. *</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">14,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">552,580</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">QUALCOMM Incorporated</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">8,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">521,600</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">salesforce.com, inc. *</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">342,300</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Symantec Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">7,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">167,230</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Visa Inc.</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">16,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,248,320</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">26,551,942</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">MATERIALS &#8212; 1.99%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Air Products &amp; Chemicals, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">287,640</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Dow Chemical Company (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">11,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">629,420</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">E. I. du Pont de Nemours and Company</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">10,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">734,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Freeport-McMoRan Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">18,100</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">238,739</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Monsanto Company</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">526,050</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Newmont Mining Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">170,350</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Nucor Corporation </p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,300</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">196,416</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Praxair, Inc.</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">585,950</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt"></p>

<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">See accompanying notes to financial statements.</p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">5</p>
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</tr>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
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<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc.<br>
 Schedule of Investments &#8211; December 31, 2016 (concluded) </p>
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</tr>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<table id="zf8592b24d1a54c50afc47f6e0af35744" style="WIDTH: 100%; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Description</p>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">No. of<br>
 Shares</p>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Value</p>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">MATERIALS (Continued)</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Versum Materials, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">28,070</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,396,635</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">REAL ESTATE &#8212; 0.41%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">American Tower Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">422,720</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Weyerhaeuser Company</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">9,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">270,810</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">693,530</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">TELECOMMUNICATION SERVICES &#8212; 1.85%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">AT&amp;T, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">54,103</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,301,001</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Verizon Communications, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">16,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">854,080</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,155,081</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">UTILITIES &#8212; 1.68%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">American Electric Power Company, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,000</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">314,800</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Dominion Resources, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">229,770</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Duke Energy Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">8,600</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">667,532</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Edison International</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">143,980</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">NextEra Energy, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">477,840</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">PPL Corporation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">170,250</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Public Service Enterprises Group, Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4,000</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">175,520</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Southern Company (The)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">9,400</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">462,386</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Xcel Energy Inc.</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,500</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">223,850</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,865,928</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">TOTAL EQUITY SECURITIES</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="4">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">(cost - $155,029,647)</p>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">168,122,432</p>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">SHORT-TERM INVESTMENT &#8212; 2.26%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="8">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">MONEY MARKET FUND &#8212; 2.26%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Fidelity Institutional Money Market Government Portfolio - Class I, 0.39%^ (cost - $3,847,513) </p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,847,513</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,847,513</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom" colspan="4">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">TOTAL INVESTMENTS &#8212; 100.96% </p>
</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">(cost - $158,877,160)</p>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">171,969,945</p>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">LIABILITIES IN EXCESS OF OTHER ASSETS &#8212; (0.96)%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(1,633,043</p>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="4">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">NET ASSETS &#8212; 100.00%</p>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">170,336,902</p>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<div>
<hr style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 20%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
</div>

<div>
<table id="z2ca3b11b043f4c358dfaf15bc04fd1d1" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 9pt">&#160;</td>
<td style="WIDTH: 22.5pt; VERTICAL-ALIGN: top; align: right">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">*</p>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">Non-income producing security. </p>
</td>
</tr>
</table>
</div>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<div>
<table id="z3b7a9807cd784eb19b10866da1e170d9" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 9pt">&#160;</td>
<td style="WIDTH: 22.5pt; VERTICAL-ALIGN: top; align: right">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">^</p>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">The rate shown is the 7-day effective yield as of December 31, 2016.</p>
</td>
</tr>
</table>
</div>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"></p>

<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">See accompanying notes to financial statements.</p>

<table id="z9519be87f6b748b4b7332372911fb360" style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">6</p>
</td>
<td style="WIDTH: 96%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
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<table id="z3d910177eaca458fb62695880de55ab2" style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="4" border="0">
<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc.<br>
 Statement of Assets and Liabilities &#8211; December 31, 2016</p>
</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<table id="z29284bd385cd48a29b9ee3d8d8bf3391" style="WIDTH: 100%; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -13.5pt">ASSETS</p>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Investments, at value (cost &#8211; $158,877,160) (Notes B and C)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">171,969,945</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Cash</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">266,045</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Receivables:</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Dividends</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">345,001</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Prepaid expenses</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,087</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Total Assets</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">172,583,078</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -13.5pt">LIABILITIES</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Payables:</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Investments purchased</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,966,722</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Investment management fees (Note D)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">150,291</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Directors&#8217; fees and expenses</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">19,909</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Administration fees (Note D)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">12,183</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Other accrued expenses</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">97,071</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Total Liabilities</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,246,176</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">NET ASSETS (applicable to 13,064,730 shares of common stock)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">170,336,902</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">NET ASSET VALUE PER SHARE ($170,336,902&#160;&#247; 13,064,730)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">13.04</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -13.5pt">NET ASSETS CONSISTS OF</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Common stock, $0.01 par value; 13,064,730 shares issued and outstanding (50,000,000 shares authorized)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">130,647</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Paid-in capital</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">157,114,902</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Accumulated net realized loss on investments</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(1,432</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Net unrealized appreciation in value of investments</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">13,092,785</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Net assets applicable to shares outstanding</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">170,336,902</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"></p>

<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">See accompanying notes to financial statements.</p>

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<tr>
<td style="WIDTH: 96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">7</p>
</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
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<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc.<br>
 Statement of Operations &#8211; for the Year Ended December 31, 2016</p>
</td>
</tr>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<table id="z70a2818113d9416b99408f2ae55800ad" style="WIDTH: 100%; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -13.5pt">INVESTMENT INCOME</p>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Income:</p>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Dividends</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,895,251</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Expenses:</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Investment management fees (Note D)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,176,172</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Administration fees (Note D)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">88,214</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Directors&#8217; fees and expenses</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">87,180</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Printing</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">41,935</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Legal and audit fees</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">41,890</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Accounting fees</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">41,751</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Transfer agent fees</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">41,098</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Custodian fees</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">21,760</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Insurance</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">8,123</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Stock exchange listing fees</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,907</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Miscellaneous</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">6,566</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 40.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Total Expenses</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,560,596</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Net Investment Income</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,334,655</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -13.5pt">NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Net realized gain from investments</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">8,500,715</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Capital gain distributions from regulated investment companies</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">821,560</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Net change in unrealized appreciation in value of investments</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(621,155</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Net realized and unrealized gain/(loss) on investments</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">8,701,120</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -13.5pt">NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">10,035,775</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"></p>

<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">See accompanying notes to financial statements.</p>

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<tr>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">8</p>
</td>
<td style="WIDTH: 96%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
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<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc.<br>
 Statement of Changes in Net Assets</p>
</td>
</tr>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<table id="zb40b691fae4846628227ce381b19bbee" style="WIDTH: 100%; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="6">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">For the Years Ended December 31,</p>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2016</p>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2015</p>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -13.5pt">INCREASE IN NET ASSETS</p>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Operations:</p>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Net investment income</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,334,655</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">798,841</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Net realized gain from investments</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">9,322,275</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,653,955</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Net change in unrealized appreciation in value of investments</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(621,155</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(2,813,330</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 40.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Net increase (decrease) in net assets resulting from operations</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">10,035,775</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(360,534</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Dividends and distributions to stockholders (Note B):</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Net investment income</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(1,273,915</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(798,841</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Net realized gains</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(9,344,509</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(1,674,771</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Return-of-capital</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(18,258,684</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(19,586,472</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 40.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Total dividends and distributions to stockholders</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(28,877,108</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(22,060,084</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Common stock transactions:</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Proceeds from rights offering of 5,196,240 and 3,027,098 shares of newly issued common stock, respectively</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">71,136,525</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">51,642,292</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Offering expenses associated with rights offerings</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(109,436</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(117,077</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Proceeds from 207,514 and 156,817 shares newly issued in reinvestment of dividends and distributions, respectively</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,819,947</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,548,964</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 40.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Net increase in net assets from common stock transactions</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">73,847,036</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">54,074,179</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 54pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Total increase in net assets</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">55,005,703</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">31,653,561</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -13.5pt">NET ASSETS</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">Beginning of year</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">115,331,199</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">83,677,638</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">End of year</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">170,336,902</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">115,331,199</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"></p>

<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">See accompanying notes to financial statements.</p>

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<tr>
<td style="WIDTH: 96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">9</p>
</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
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<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc.<br>
 Financial Highlights</p>
</td>
</tr>

<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Contained below is per share operating performance data for a share of common stock outstanding, total investment return, ratios to average net assets and other supplemental data for each year indicated. This information has been derived from information provided in the financial statements and market price data for the Fund&#8217;s shares.</p>
</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<table id="z49318eb4e0234c4babb794fd3eab3827" style="WIDTH: 100%; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="18">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">For the Years Ended December 31,</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2016</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2015</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right" valign="bottom">
<p style="TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif">2014*</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#160;</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right" valign="bottom">
<p style="TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif">2013*</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#160;</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right" valign="bottom">
<p style="TEXT-ALIGN: center; FONT: 11pt Times New Roman, Times, Serif">2012*</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#160;</p>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">PER SHARE OPERATING PERFORMANCE</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Net asset value, beginning of period</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">15.05</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">18.69</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">20.56</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">20.36</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">21.88</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Net investment income/(loss) #</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.15</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.14</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.16</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.24</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.20</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Net realized and unrealized gain/(loss) on investments</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.83</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(0.25</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2.15</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3.76</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2.48</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Net increase/(decrease) in net assets resulting from operations</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.98</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(0.11</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2.31</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">4.00</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2.68</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Dividends and distributions to stockholders:</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
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</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Net investment income</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(0.15</p>
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<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(0.14</p>
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<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(0.16</p>
</td>
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<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(0.92</p>
</td>
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<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(1.24</p>
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<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Net realized capital gain</p>
</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
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<p style="FONT: 11pt Times New Roman, Times, Serif">(1.08</p>
</td>
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<p style="FONT: 11pt Times New Roman, Times, Serif">(0.30</p>
</td>
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<p style="FONT: 11pt Times New Roman, Times, Serif">(0.82</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(0.80</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#8212;</p>
</td>
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</tr>

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<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Return-of-capital</p>
</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(2.12</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(3.54</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(3.20</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(2.64</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(3.44</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Total dividends and distributions to stockholders</p>
</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(3.35</p>
</td>
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<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(3.98</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(4.18</p>
</td>
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<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(4.36</p>
</td>
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<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(4.68</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
</tr>

<tr>
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</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Common stock transactions:</p>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

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<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Anti-dilutive effect due to shares issued:</p>
</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Rights offering</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.36</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.45</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#8212;</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.56</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.48</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 27pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Reinvestment of dividends and distributions</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.00</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">+</sup>&#160;</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.00</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">+</sup>&#160;</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.00</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">+</sup>&#160;</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.00</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">+</sup>&#160;</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.00</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">+</sup>&#160;</p>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Total common stock transactions</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.36</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.45</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.00</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">+</sup>&#160;</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.56</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.48</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Net asset value, end of period</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">13.04</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">15.05</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">18.69</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">20.56</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">20.36</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Market value, end of period</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">15.07</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">16.89</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">19.41</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">24.20</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">21.40</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Total investment return <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(a)</sup></p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">13.88</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">10.28</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(0.68</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">40.08</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">11.16</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: -9pt">RATIOS/SUPPLEMENTAL DATA</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Net assets, end of period (000 omitted)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">170,337</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">115,331</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">83,678</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">89,147</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">51,575</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Ratio of expenses to average net assets, net of fee waivers and fees paid indirectly, if any <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(b)</sup></p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1.33</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1.35</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1.44</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1.46</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1.73</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Ratio of expenses to average net assets, excluding fee waivers and fees paid indirectly, if any <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(b)</sup></p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1.33</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1.35</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1.44</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1.46</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1.73</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Ratio of net investment income/(loss) to average net assets <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(d)</sup></p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1.12</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.86</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.84</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1.13</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.85</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Portfolio turnover rate</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">64</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">53</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">32</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">48</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">45</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">%</p>
</td>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">*</p>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">Effective December 29, 2014, a reverse split of 1:4 occurred. All per share amounts have been restated according to the terms of the reverse split. </p>
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<div>
<table id="z0789c3c1981c4e49a619b782adc1b4fd" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 9pt">&#160;</td>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">#</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">Based on average shares outstanding. </p>
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<div>
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<td style="WIDTH: 9pt">&#160;</td>
<td style="WIDTH: 22.5pt; VERTICAL-ALIGN: top; align: right">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">+ </p>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">Amount rounds to less than $0.01 per share. </p>
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<div>
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<td style="WIDTH: 9pt">&#160;</td>
<td style="WIDTH: 22.5pt; VERTICAL-ALIGN: top; align: right">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">(a)</p>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">Total investment return at market value is based on the changes in market price of a share during the period and assumes reinvestment of dividends and distributions, if any, at actual prices pursuant to the Fund&#8217;s dividend reinvestment plan. Total investment return does not reflect brokerage commissions. </p>
</td>
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<div>
<table id="z7ca5f13658bc46789461f5aca6892d4f" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 9pt">&#160;</td>
<td style="WIDTH: 22.5pt; VERTICAL-ALIGN: top; align: right">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">(b)</p>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">Expenses do not include expenses of investments companies in which the Fund invests. </p>
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<div>
<table id="z99bc764346c445bfb46611a42305a3d4" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 9pt">&#160;</td>
<td style="WIDTH: 22.5pt; VERTICAL-ALIGN: top; align: right">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">(c)</p>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">Annualized. </p>
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<div>
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<td style="WIDTH: 9pt">&#160;</td>
<td style="WIDTH: 22.5pt; VERTICAL-ALIGN: top; align: right">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">(d) </p>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">Recognition of net investment income/(loss) by the Fund may be affected by the timing of the declaration of dividends, if any, by investment companies in which the Fund invests. </p>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"></p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 13.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -13.5pt">See accompanying notes to financial statements.</p>

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<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">10</p>
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<td style="WIDTH: 96%; VERTICAL-ALIGN: top">&#160;</td>
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<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 11pt; CLEAR: both; MARGIN-TOP: 11pt">
<hr id="DSPFPageBreak" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 1px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; PAGE-BREAK-AFTER: always; COLOR: #555555; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #555555" noshade="noshade">
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<td style="BORDER-TOP: #000000 2px solid; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc.<br>
 Notes to Financial Statements</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">NOTE A. ORGANIZATION </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc. (the &#8220;Fund&#8221;) was incorporated in New York on March 16, 1973 and commenced investment operations on May 15, 1973. Its investment objective is to seek capital appreciation with current income as a secondary objective. The Fund is registered under the Investment Company Act of 1940, as amended, as a closed-end, diversified management investment company. As an investment company, the Fund follows the accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 &#8220;Financial Services &#8211; Investment Companies&#8221;. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">NOTE B. SIGNIFICANT ACCOUNTING POLICIES </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt"><i><b>Management Estimates: </b></i><font style="FONT-WEIGHT: normal">The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) requires management to make certain estimates and assumptions that may affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. </font></p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt"><i><b>Subsequent Events:</b></i><font style="FONT-WEIGHT: normal"> The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date its financial statements were issued. Based on this evaluation, no additional disclosures or adjustments were required to such financial statements. </font></p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt"><i><b>Portfolio Valuation:</b></i><font style="FONT-WEIGHT: normal"> Investments are stated at value in the accompanying financial statements. Readily marketable portfolio securities listed on the New York Stock Exchange (&#8220;NYSE&#8221;) are valued, except as indicated below, at the last sale price reflected on the consolidated tape at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day or if market prices may be unreliable because of events occurring after the close of trading, then the security is valued by such method as the Board of Directors shall determine in good faith to reflect its fair market value. Readily marketable securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a like manner. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the consolidated tape at the close of the exchange representing the principal market for such securities. Securities trading on the Nasdaq Stock Market, Inc. (&#8220;NASDAQ&#8221;) are valued at the NASDAQ Official Closing Price. </font></p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Readily marketable securities traded in the over-the counter market, including listed securities whose primary market is believed by Cornerstone Advisors, Inc. (the &#8220;Investment Manager&#8221; or &#8220;Cornerstone&#8221;) to be over-the-counter, are valued at the mean of the current bid and asked prices as reported by the NASDAQ or, in the case of securities not reported by the NASDAQ or a comparable source, as the Board of Directors deem appropriate to reflect their fair market value. Where securities are traded on more than one exchange and also over-the-counter, the securities will generally be valued using the quotations the Board of Directors believes reflect most closely the value of such securities. At December 31, 2016 the Fund held no securities valued in good faith by the Board of Directors. </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The net asset value per share of the Fund is calculated weekly and on the last business day of the month with the exception of those days on which the NYSE is closed. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The Fund is exposed to financial market risks, including the valuations of its investment portfolio. During the year ended December 31, 2016, the Fund did not invest in derivative instruments or engage in hedging activities. </p>

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<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc.<br>
 Notes to Financial Statements (continued)</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt"><i><b>Investment Transactions and Investment Income: </b></i><font style="FONT-WEIGHT: normal">Investment transactions are accounted for on the trade date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. Interest income is recorded on an accrual basis; dividend income is recorded on the ex-dividend date. </font></p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt"><i><b>Risks Associated with Investments in Other Closed-end Funds:</b></i><font style="FONT-WEIGHT: normal"> Closed-end investment companies are subject to the risks of investing in the underlying securities. The Fund, as a holder of the securities of the closed-end investment company, will bear its pro rata portion of the closed-end investment company&#8217;s expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund&#8217;s own operations. </font></p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt"><i><b>Taxes: </b></i><font style="FONT-WEIGHT: normal">No provision is made for U.S. federal income or excise taxes as it is the Fund&#8217;s intention to continue to qualify as a regulated investment company and to make the requisite distributions to its stockholders which will be sufficient to relieve it from all or substantially all U.S. federal income and excise taxes. </font></p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The Accounting for Uncertainty in Income Taxes Topic of the FASB Accounting Standards Codification defines the threshold for recognizing the benefits of tax-return positions in the financial statements as &#8220;more-likely-than-not&#8221; to be sustained by the taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50 percent likely to be realized. The Fund&#8217;s policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on its Statement of Operations. As of December 31, 2016, the Fund does not have any interest or penalties associated with the underpayment of any income taxes. Management reviewed any uncertain tax positions for open tax years 2013 through 2015, and for the year ended December 31, 2016. There was no material impact to the financial statements. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt"><i><b>Distributions to Stockholders:</b></i><font style="FONT-WEIGHT: normal"> Effective January 2002, the Fund initiated a fixed, monthly distribution to stockholders. On November 29, 2006, this distribution policy was updated to provide for the annual resetting of the monthly distribution amount per share based on the Fund&#8217;s net asset value on the last business day in each October. The terms of the distribution policy will be reviewed and approved at least annually by the Fund&#8217;s Board of Directors and can be modified at their discretion. To the extent that these distributions exceed the current earnings of the Fund, the balance will be generated from sales of portfolio securities held by the Fund, which will either be short-term or long- term capital gains, or a tax-free return-of-capital. To the extent these distributions are not represented by net investment income and capital gains, they will not represent yield or investment return on the Fund&#8217;s investment portfolio. The Fund plans to maintain this distribution policy even if regulatory requirements would make part of a return-of-capital, necessary to maintain the distribution, taxable to stockholders and to disclose that portion of the distribution that is classified as ordinary income. Although it has no current intention to do so, the Board may terminate this distribution policy at any time and such termination may have an adverse effect on the market price for the Fund&#8217;s common shares. The Fund determines annually whether to distribute any net realized long-term capital gains in excess of net realized short-term capital losses, including capital loss carryovers, if any. To the extent that the Fund&#8217;s taxable income in any calendar year exceeds the aggregate amount distributed pursuant to this distribution policy, an additional distribution may be made to avoid the payment of a 4% U.S. federal excise tax, and to the extent that the aggregate amount distributed in any calendar year exceeds the Fund&#8217;s taxable income, the amount of that excess may constitute a return-of-capital for tax purposes. A return-of-capital distribution reduces the cost basis of an investor&#8217;s shares in the Fund. Dividends and distributions to stockholders are recorded by the Fund on the ex-dividend date. </font></p>

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 Notes to Financial Statements (continued)</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt"><i><b>Managed Distribution Risk:</b></i><font style="FONT-WEIGHT: normal"> Under the managed distribution policy, the Fund makes monthly distributions to stockholders at a rate that may include periodic distributions of its net income and net capital gains (&#8220;Net Earnings&#8221;), or from return- of-capital. If, for any fiscal year where total cash distributions exceeded Net Earnings (the &#8220;Excess&#8221;), the Excess would decrease the Fund&#8217;s total assets and, as a result, would have the likely effect of increasing the Fund&#8217;s expense ratio. There is a risk that the total Net Earnings from the Fund&#8217;s portfolio would not be great enough to offset the amount of cash distributions paid to Fund stockholders. If this were to be the case, the Fund&#8217;s assets would be depleted, and there is no guarantee that the Fund would be able to replace the assets. In addition, in order to make such distributions, the Fund may have to sell a portion of its investment portfolio at a time when independent investment judgment might not dictate such action. Furthermore, such assets used to make distributions will not be available for investment pursuant to the Fund&#8217;s investment objective. </font></p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">NOTE C. FAIR VALUE </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">As required by the Fair Value Measurement and Disclosures Topic of the FASB Accounting Standards Codification, the Fund has performed an analysis of all assets and liabilities measured at fair value to determine the significance and character of all inputs to their fair value determination. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into the following three broad categories. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">&#9679; </p>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">Level 1 &#8211; quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement. </p>
</td>
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<td style="WIDTH: 9pt">&#160;</td>
<td style="WIDTH: 13.5pt; VERTICAL-ALIGN: top; align: right">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">&#9679; </p>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">Level 2 &#8211; quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers. </p>
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<td style="WIDTH: 9pt">&#160;</td>
<td style="WIDTH: 13.5pt; VERTICAL-ALIGN: top; align: right">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">&#9679; </p>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">Level 3 &#8211; model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund&#8217;s own assumptions that market participants would use to price the asset or liability based on the best available information. </p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The following is a summary of the inputs used as of December 31, 2016 in valuing the Fund&#8217;s investments carried at value: </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Valuation Inputs</p>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Investments <br>
 in Securities</p>
</td>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Other <br>
Financial <br>
 Instruments*</p>
</td>
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</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Level 1 &#8211; Quoted Prices</p>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Equity Investments</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">168,122,432</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#8212;</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 18pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Short-Term Investments</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">3,847,513</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#8212;</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Level 2 &#8211; Other Significant Observable Inputs</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#8212;</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#8212;</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Level 3 &#8211; Significant Unobservable Inputs</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#8212;</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#8212;</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Total</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">171,969,945</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">&#8212;</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<div>
<hr style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 20%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
</div>

<div>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">Other financial instruments include futures, forwards and swap contracts. </p>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The breakdown of the Fund&#8217;s investments into major categories is disclosed in its Schedule of Investments. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">During the year ended December 31, 2016 the Fund did not have any transfers in and out of any Level. </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The Fund did not have any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at December 31, 2016. </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">It is the Fund&#8217;s policy to recognize transfers into and out of any Level at the end of the reporting period. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">13</p>
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<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc.<br>
 Notes to Financial Statements (continued)</p>
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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">In May 2015, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent). The amendments apply to reporting entities that elect to measure the fair value of an investment using the net asset value per share (or its equivalent) practical expedient. The ASU is essentially effective for public entities beginning in 2016 and for all other entities beginning in 2017, but earlier application is permitted. Although still evaluating the potential impacts of ASU 2015-07 to the Fund, the Investment Manager does not expect the adoption of the ASU to have an effect on the Fund. </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">On October 13, 2016, the Securities and Exchange Commission (the &#8220;SEC&#8221;) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. In an effort to enhance monitoring and regulation, the new rules and forms will allow the SEC to more effectively collect and use data reported by funds. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">NOTE D. AGREEMENTS WITH AFFILIATES </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">At December 31, 2016 certain officers of the Fund are also officers of Cornerstone or AST Fund Solutions, LLC (&#8220;AFS&#8221;). Such officers are paid no fees by the Fund for serving as officers of the Fund. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: italic 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Investment Management Agreement </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Cornerstone serves as the Fund&#8217;s Investment Manager with respect to all investments. As compensation for its investment management services, Cornerstone receives from the Fund an annual fee, calculated weekly and paid monthly, equal to 1.00% of the Fund&#8217;s average weekly net assets. For the year ended December 31, 2016 Cornerstone earned $1,176,172 for investment management services. </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: italic 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Administration Agreement </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Under the terms of the administration agreement, AFS supplies executive, administrative and regulatory services for the Fund. AFS supervises the preparation of reports to shareholders for the Fund, reports to and filings with the Securities and Exchange Commission and materials for meetings of the Board of Directors. For these services, the Fund pays AFS a monthly fee at an annual rate of 0.075% of its average daily net assets, subject to an annual minimum fee of $50,000. AFS has agreed to discount the annual minimum fee to $30,000 and such discount will remain in place until an amended fee is agreed upon. For the year ended December 31, 2016, AFS earned $88,214 as administrator. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">NOTE E. INVESTMENT IN SECURITIES </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">For the year ended December 31, 2016, purchases and sales of securities, other than short-term investments, were $120,482,066 and $74,446,043, respectively. </p>

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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"></p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">14</p>
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<td style="BORDER-TOP: #000000 2px solid; WIDTH: 100%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; FONT-WEIGHT: bold">
<p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, Serif; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc.<br>
 Notes to Financial Statements (concluded)</p>
</td>
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</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">NOTE F. SHARES OF COMMON STOCK </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The Fund has 50,000,000 shares of common stock authorized and 13,064,730 shares issued and outstanding at December 31, 2016. Transactions in common stock for the year ended December 31, 2016 were as follows: </p>

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<table id="z2374eda20c5d4bae87799f073e149253" style="WIDTH: 100%; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Shares at beginning of year</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">7,660,976</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Shares newly issued from rights offering</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">5,196,240</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Shares newly issued in reinvestment of dividends and distributions</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">207,514</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Shares at end of year</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">13,064,730</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">NOTE G. FEDERAL INCOME TAXES </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Income and capital gains distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of losses deferred due to wash sales. </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The tax character of dividends and distributions paid to stockholders during the years ended December 31, 2016 and December 31, 2015 was as follows: </p>

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<tr>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2016</p>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2015</p>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Ordinary Income</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">2,137,494</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">798,841</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Long-Term Capital Gains</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">8,480,930</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">1,674,771</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Return-of-Capital</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">18,258,684</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">19,586,472</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 70%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Total Distributions</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">28,877,108</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">22,060,084</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">At December 31, 2016, the components of accumulated earnings on a tax basis for the Fund were as follows: </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<table id="zdb307ab44fc147a9a70dbde6d29e9da6" style="WIDTH: 100%; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Net unrealized appreciation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">13,091,353</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Total accumulated earnings</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">13,091,353</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2016, the Fund decreased accumulated net realized loss on investments by $60,740 and decreased undistributed net investment income by $60,740 on the Statement of Assets and Liabilities. Under current tax law, certain capital losses realized after October 31 within a taxable year may be deferred and treated as occurring on the first day of the following tax year (&#8220;Post-October losses&#8221;). The Fund incurred no such losses during the year ended December 31, 2016. </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The following information is computed on a tax basis for each item as of December 31, 2016: </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<table id="zccab7bbdd54949efb34585060c8c66e9" style="WIDTH: 100%; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Cost of portfolio investments</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">158,878,592</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Gross unrealized appreciation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">15,452,735</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Gross unrealized depreciation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">(2,361,382</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">
<p style="FONT: 11pt Times New Roman, Times, Serif">)</p>
</td>
</tr>

<tr>
<td style="WIDTH: 85%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 4.5pt; MARGIN-TOP: 0pt; TEXT-INDENT: -4.5pt">Net unrealized appreciation</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">13,091,353</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The difference between book-basis and tax-basis unrealized appreciation is attributable to the tax deferral of losses on wash sales.</p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"></p>

<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
<table id="zf3a4b7378c9a43778d5a66f17c8270ea" style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 96%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">15</p>
</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

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

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Report of Independent Registered Public Accounting Firm</p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt"><b>To the Stockholders and Board of Directors</b><b><br>
</b><b>Cornerstone Total Return Fund, Inc.</b><b><br>
</b><b>New York, New York</b></p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">We have audited the accompanying statement of assets and liabilities of the Cornerstone Total Return Fund, Inc. (the &#8220;Fund&#8221;), including the schedule of investments as of December 31, 2016, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund&#8217;s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and brokers or through other appropriate auditing procedures where confirmations from brokers were unable to be obtained. We believe that our audits provide a reasonable basis for our opinion. </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Cornerstone Total Return Fund, Inc. as of December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<table id="z0983401b0bbf448ab425fd6f88dded5a" style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">TAIT, WELLER &amp; BAKER LLP</p>
</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt"><b>Philadelphia, Pennsylvania<br>
</b><b>February </b><b>21</b><b>, 2017</b></p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"></p>

<hr style="BORDER-TOP: medium none; HEIGHT: 4px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
<table id="zac885554012d4048b74d86a1b8820b31" style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">16</p>
</td>
<td style="WIDTH: 96%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

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

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2016 Tax Information (unaudited)</p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">This notification along with Form 1099-DIV reflects the amount to be used by calendar year taxpayers on their U.S. federal income tax returns. As indicated in this notice, a portion of the Fund&#8217;s distributions for 2016 were comprised of a return-of-capital; accordingly these distributions do <u><b>not</b></u> represent yield or investment return on the Fund&#8217;s portfolio. </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<table id="z337e416b66f54dd7b5f63e2b77ead9cb" style="WIDTH: 100%; FONT: 11pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="24">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">SOURCES OF DIVIDENDS AND DISTRIBUTIONS<br>
 (Per Share Amounts)</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Payment Dates:</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">1/29/16</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2/29/16</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">3/31/16</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">4/29/16</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">5/31/16</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">6/30/16</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Ordinary Income <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1)</sup> </p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0207</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0207</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0207</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0207</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0207</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0207</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Return-of-Capital <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(2)</sup></p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.1765</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.1765</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.1765</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.1765</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.1765</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.1765</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Capital Gain <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(3)</sup></p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0820</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0820</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0820</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0820</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0820</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0820</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Total</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.2792</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.2792</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.2792</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.2792</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.2792</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.2792</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Payment Dates:</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">7/29/16</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">8/31/16</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">9/30/16</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">10/31/16</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">11/30/16</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" valign="bottom" colspan="2">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">12/30/16</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Ordinary Income <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(1) </sup></p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0207</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0207</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0207</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0207</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0207</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0207</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Return-of-Capital <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(2) </sup></p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.1765</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.1765</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.1765</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.1765</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.1765</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.1765</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Capital Gain <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">(3)</sup></p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0820</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0820</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0820</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0820</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0820</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #dcdcdc" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.0820</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left; BACKGROUND-COLOR: #dcdcdc" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Total</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.2792</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.2792</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.2792</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.2792</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.2792</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">$</p>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff" valign="bottom">
<p style="FONT: 11pt Times New Roman, Times, Serif">0.2792</p>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<div>
<hr style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 20%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 0px; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="left" noshade="noshade">
</div>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 9pt; MARGIN-TOP: 0pt; TEXT-INDENT: -9pt">Notes: </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<div>
<table id="za2e3b044ed5a45d29f3ee45a318f7b9b" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 13.5pt">&#160;</td>
<td style="WIDTH: 22.5pt; VERTICAL-ALIGN: top; align: right">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">(1)</p>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt"><b>Ordinary Income Dividends &#8211; </b>This is the total per share amount of ordinary income dividends and short-term capital gain distributions (if applicable) included in the amount reported in Box 1a on Form 1099-DIV. </p>
</td>
</tr>
</table>
</div>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<div>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">(2) </p>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt"><b>Return-of-Capital</b> &#8211; This is the per share amount of return-of-capital, or sometimes called nontaxable, distributions reported in Box 3 &#8211; under the title &#8220;Nondividend distributions&#8221; &#8211; on Form 1099-DIV. This amount should <u><b>not</b></u> be reported as taxable income on your current return. Rather, it should be treated as a reduction in the original cost basis of your investment in the Fund. </p>
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<td style="WIDTH: 13.5pt">&#160;</td>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman; MARGIN-TOP: 0pt">(3) </p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt"><b>Capital Gains Distributions</b> &#8211; This is the total per share amount of capital gain distribution included in the amount reported in Box 2a on Form 1099-DIV. </p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The Fund has met the requirements to pass through 99.64% of its ordinary income dividends as qualified dividends, which are subject to a maximum federal tax rate of 23.8% (20% qualified dividends maximum long-term capital gain rate plus 3.8% Medicare tax). This is reported in Box 1b on Form 1099-DIV. Ordinary income dividends should be reported as dividend income on Form 1040. Please note that to utilize the lower tax rate for qualifying dividend income, stockholders generally must have held their shares in the Fund for at least 61 days during the 121 day period beginning 60 days before the ex-dividend date. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Long-term capital gain distributions arise from gains on securities held by the Fund for more than one year. They are subject to a maximum federal rate of 20% (23.8%, reflecting 3.8% Medicare tax on income exceeding certain threshold amounts). </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Foreign stockholders will generally be subject to U.S. withholding tax on the amount of the actual ordinary income dividend paid by the Fund. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">In general, distributions received by tax-exempt recipients (<i>e.g.</i>, IRA&#8217;s and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (<i>e.g.</i>, corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Stockholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">17</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Additional Information Regarding the Fund&#8217;s Directors <br>
 and Corporate Officers (unaudited)</p>

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<td style="WIDTH: 23%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Name and <br>
Address* <br>
 (Birth Date)</p>
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<td style="WIDTH: 19%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Position(s) <br>
 Held with Fund</p>
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<td style="WIDTH: 45%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Principal Occupation <br>
 over Last 5 Years</p>
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<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Position with </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Fund Since</p>
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<td style="WIDTH: 23%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Ralph W. Bradshaw**<br>
 (Dec. 1950)</p>
</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Chairman of the Board of Directors and President </p>
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<td style="WIDTH: 45%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">President, Cornerstone Advisors, Inc.; Financial Consultant; President and </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Director of Cornerstone Strategic Value Fund, Inc. </p>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2001 </p>
</td>
</tr>

<tr>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Robert E. Dean<br>
 (Apr. 1951)</p>
</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Director; Audit, Nominating </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">and Corporate Governance</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Committee Member </p>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Director, National Bank Holdings Corp.; Director of Cornerstone Strategic </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Value Fund, Inc. </p>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2014 </p>
</td>
</tr>

<tr>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Edwin Meese III<br>
 (Dec. 1931)</p>
</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Director; Audit, Nominating </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">and Corporate Governance </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Committee Member </p>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Ronald Reagan Distinguished Fellow Emeritus, The Heritage Foundation Washington D.C.; Distinguished Visiting Fellow at the Hoover Institution, </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Stanford University; Director of Cornerstone Strategic Value Fund, Inc.</p>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2001 </p>
</td>
</tr>

<tr>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Scott B. Rogers <br>
 (July 1955)</p>
</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Director; Audit, Nominating </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">and Corporate Governance</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Committee Member </p>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Director, Board of Health Partners, Inc.; Chief Executive Officer, Asheville Buncombe Community Christian Ministry (&#8220;ABCCM&#8221;); President, ABCCM Doctor's Medical Clinic; Member of North Carolina Governor&#8217;s Council on Homelessness (from July 2014); Director of Cornerstone Strategic Value Fund, Inc. </p>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2001 </p>
</td>
</tr>

<tr>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Andrew A. Strauss <br>
 (Nov. 1953)</p>
</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Director; Chairman of </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Nominating and Corporate Governance Committee and </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Audit Committee Member </p>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Attorney and senior member of Strauss &amp; Associates, P.A., Attorneys; </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Director of Cornerstone Strategic Value Fund, Inc. </p>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2001 </p>
</td>
</tr>

<tr>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Glenn W. Wilcox, Sr. <br>
 (Dec. 1931)</p>
</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Director; Chairman of Audit Committee, Nominating and Corporate Governance </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Committee Member </p>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Chairman of the Board of Tower Associates, Inc.; Chairman of the Board of Wilcox Travel Agency, Inc.; Director of Champion Industries, Inc.; Director of Cornerstone Strategic Value Fund, Inc.</p>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2001 </p>
</td>
</tr>
</table>

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<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"></p>

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<tr>
<td style="WIDTH: 4%; VERTICAL-ALIGN: top">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">18</p>
</td>
<td style="WIDTH: 96%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Additional Information Regarding the Fund&#8217;s Directors <br>
 and Corporate Officers (unaudited) (concluded)</p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

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<tr>
<td style="WIDTH: 23%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Name and <br>
Address* <br>
 (Birth Date)</p>
</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Position(s) <br>
 Held with Fund</p>
</td>
<td style="WIDTH: 45%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Principal Occupation <br>
 over Last 5 Years</p>
</td>
<td style="WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Position with Fund Since</p>
</td>
</tr>

<tr>
<td style="WIDTH: 23%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Gary A. Bentz<br>
 (June 1956)</p>
</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #dcdcdc">
<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Chief Compliance Officer, Secretary, and Assistant Treasurer </p>
</td>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Chairman and Chief Financial Officer of Cornerstone Advisors, Inc.; Financial Consultant, C.P.A., Chief Compliance Officer, Secretary, and Assistant </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Treasurer of Cornerstone Strategic Value Fund, Inc. </p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2004, 2008, 2009 </p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Frank J. Maresca<br>
 (Oct. 1958)</p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Treasurer </p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Executive Vice President of AST Fund Solutions, LLC (since February 2012), Executive Vice President of Ultimus Fund Solutions, LLC (from March 2009-February 2012) previous Executive Director, JP Morgan Chase &amp; Co.; Treasurer </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">of The Asia Pacific Fund, Inc. (since July 2016); Treasurer of Cornerstone Strategic Value Fund, Inc. (from May 2009 through February 2012 and since </p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">April 2013) </p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">2013 </p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">The mailing address of each Director and/or Officer with respect to the Fund&#8217;s operation is 48 Wall Street, 22nd floor, New York, NY 10005. </p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">Designates a director who is an &#8220;interested person&#8221; of the Fund as defined by the Investment Company Act of 1940, as amended. Mr. Bradshaw is an interested person of the Fund by virtue of his current position with the Investment Adviser of the Fund. </p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Description of Dividend Reinvestment Plan (unaudited)</p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc. (the &#8220;Fund&#8221;) operates a Dividend Reinvestment Plan (the &#8220;Plan&#8221;), administered by American Stock Transfer &amp; Trust Company, LLC (the &#8220;Agent&#8221;), pursuant to which the Fund&#8217;s income dividends or capital gains or other distributions (each, a &#8220;Distribution&#8221; and collectively, &#8220;Distributions&#8221;), net of any applicable U.S. withholding tax, are reinvested in shares of the Fund. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Stockholders automatically participate in the Fund&#8217;s Plan, unless and until an election is made to withdraw from the Plan on behalf of such participating stockholder. Stockholders who do not wish to have Distributions automatically reinvested should so notify the Agent at P.O. Box 922, Wall Street Station, New York, New York 10269-0560. Under the Plan, the Fund&#8217;s Distributions to stockholders are reinvested in full and fractional shares as described below. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">When the Fund declares a Distribution the Agent, on the stockholder&#8217;s behalf, will (i) receive additional authorized shares from the Fund either newly issued or repurchased from stockholders by the Fund and held as treasury stock (&#8220;Newly Issued Shares&#8221;) or (ii) purchase outstanding shares on the open market, on the NYSE MKT or elsewhere, with cash allocated to it by the Fund (&#8220;Open Market Purchases&#8221;). </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The method for determining the number of Newly Issued Shares received when Distributions are reinvested will be determined by dividing the amount of the Distribution either by the Fund&#8217;s last reported net asset value per share or by a price equal to the average closing price of the Fund over the five trading days preceding the payment date of the Distribution, whichever is lower. However, if the last reported net asset value of the Fund&#8217;s shares is higher than the average closing price of the Fund over the five trading days preceding the payment date of the Distribution (i.e., the Fund is selling at a discount), shares may be acquired by the Agent in Open Market Purchases and allocated to the reinvesting stockholders based on the average cost of such Open Market Purchases. Upon notice from the Fund, the Agent will receive the distribution in cash and will purchase shares of common stock in the open market, on the NYSE MKT or elsewhere, for the participants&#8217; accounts, except that the Agent will endeavor to terminate purchases in the open market and cause the Fund to issue the remaining shares if, following the commencement of the purchases, the market value of the shares, including brokerage commissions, exceeds the net asset value at the time of valuation. These remaining shares will be issued by the Fund at a price equal to the net asset value at the time of valuation. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">In a case where the Agent has terminated open market purchases and caused the issuance of remaining shares by the Fund, the number of shares received by the participant in respect of the cash dividend or distribution will be based on the weighted average of prices paid for shares purchased in the open market, including brokerage commissions, and the price at which the Fund issues the remaining shares. To the extent that the Agent is unable to terminate purchases in the open market before the Agent has completed its purchases, or remaining shares cannot be issued by the Fund because the Fund declared a dividend or distribution payable only in cash, and the market price exceeds the net asset value of the shares, the average share purchase price paid by the Agent may exceed the net asset value of the shares, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Whenever the Fund declares a Distribution and the last reported net asset value of the Fund&#8217;s shares is higher than its market price, the Agent will apply the amount of such Distribution payable to Plan participants of the Fund in Fund shares (less such Plan participant&#8217;s pro rata share of brokerage commissions incurred with respect to Open Market Purchases in connection with the reinvestment of such Distribution) to the purchase on the open market of Fund shares for such Plan participant&#8217;s account. Such purchases will be made on or after the payable date for such Distribution, and in no event more than 30 days after such date except where temporary curtailment or suspension of purchase </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Description of Dividend Reinvestment Plan (unaudited) (concluded)</p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">is necessary to comply with applicable provisions of federal securities laws. The Agent may aggregate a Plan participant&#8217;s purchases with the purchases of other Plan participants, and the average price (including brokerage commissions) of all shares purchased by the Agent shall be the price per share allocable to each Plan participant. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Registered stockholders who do not wish to have their Distributions automatically reinvested should so notify the Fund in writing. If a stockholder has not elected to receive cash Distributions and the Agent does not receive notice of an election to receive cash Distributions prior to the record date of any Distribution, the stockholder will automatically receive such Distributions in additional shares. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Participants in the Plan may withdraw from the Plan by providing written notice to the Agent at least 30 days prior to the applicable Distribution payment date. The Agent will maintain all stockholder accounts in the Plan and furnish written confirmations of all transactions in the accounts, including information needed by stockholders for personal and tax records. The Agent will hold shares in the account of the Plan participant in non-certificated form in the name of the participant, and each stockholder&#8217;s proxy will include those shares purchased pursuant to the Plan. The Agent will distribute all proxy solicitation materials to participating stockholders. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">In the case of stockholders, such as banks, brokers or nominees, that hold shares for others who are beneficial owners participating in the Plan, the Agent will administer the Plan on the basis of the number of shares certified from time to time by the record stockholder as representing the total amount of shares registered in the stockholder&#8217;s name and held for the account of beneficial owners participating in the Plan. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Neither the Agent nor the Fund shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the Plan, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither shall they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participants account prior to receipt of written notice of his or her death or with respect to prices at which shares are purchased or sold for the participants account and the terms on which such purchases and sales are made, subject to applicable provisions of the federal securities laws. </p>

<p style="TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>

<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The automatic reinvestment of Distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Distributions. The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Participants may at any time sell some or all of their shares though the Agent. Shares may be sold via the internet at <u>www.amstock.com</u> or through the toll free number. Participants can also use the tear off portion attached to the bottom of their statement and mail the request to American Stock Transfer and Trust Company LLC, P.O Box 922 Wall Street Station, New York, N.Y. 10269-0560. There is a fee of $15.00 per transaction and commission of $0.10 per share. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">All correspondence concerning the Plan should be directed to the Agent at P.O. Box 922, Wall Street Station, New York, New York 10269-0560. Certain transactions can be performed online at <u>www.amstock.com</u> or by calling the toll-free number (866) 668-6558. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: bold 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Proxy Voting and Portfolio Holdings Information (unaudited)</p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The policies and procedures that the Fund uses to determine how to vote proxies relating to its portfolio securities are available: </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">without charge, upon request, by calling toll-free (866) 668-6558; and </p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt">on the website of the Securities and Exchange Commission, <u>http://www.sec.gov</u>. </p>
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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Information regarding how the Fund voted proxies relating to portfolio securities during the most recent period ended June 30, 2016 is available without charge, upon request, by calling toll-free (866) 668-6558, and on the SEC&#8217;s website at <u>http://www.sec.gov</u> or on the Fund&#8217;s website at <u>www.cornerstonetotalreturnfund.com</u> (See Form N-PX). </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund&#8217;s Form N-Q is available on the SEC&#8217;s website at <u>http://www.sec.gov</u> and may be reviewed and copied at the SEC&#8217;s Public Reference Room in Washington, DC. Information on the operation of the SEC&#8217;s Public Reference Room may be obtained by calling toll-free 1-800-SEC-0330. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Summary of General Information (unaudited) </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Cornerstone Total Return Fund, Inc. is a closed-end, diversified investment company whose shares trade on the NYSE MKT. Its investment objective is to seek capital appreciation with current income as a secondary objective. The Fund is managed by Cornerstone Advisors, Inc. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">The Fund is listed on the NYSE MKT (symbol &#8220;CRF&#8221;). The previous week&#8217;s net asset value per share, market price, and related premium or discount are available on the Fund&#8217;s website at <u>www.cornerstonetotalreturnfund.com</u>. </p>

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<p style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; FONT: italic 11pt Times New Roman, Times, Serif; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; TEXT-INDENT: 0pt">Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that Cornerstone Total Return Fund, Inc. may from time to time purchase shares of its common stock in the open market. </p>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 2.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">CODE OF ETHICS.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 12(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">AUDIT COMMITTEE FINANCIAL EXPERT.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The registrant's board of directors has determined that the registrant does not have an audit committee financial expert serving on its audit committee. The audit committee determined that, although none of its members meet the technical definition of an audit committee financial expert, the experience provided by each member of the audit committee together offer the registrant adequate oversight for the registrant's current level of financial complexity.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">PRINCIPAL ACCOUNTANT FEES AND SERVICES.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $16,900 and $16,500 with respect to the registrant's fiscal years ended December 31, 2016 and 2015, respectively.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Audit-Related Fees. No fees were billed in either of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Tax Fees. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $3,900 and $3,800 with respect to the registrant's fiscal years ended December 31, 2016 and 2015, respectively. The services comprising these fees are the preparation of the registrant's federal and state income and federal excise tax returns.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">All Other Fees. No fees were billed in either of the last two fiscal years other than the services reported in paragraphs (a) through (c) of this item.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Before the principal accountant is engaged by the registrant to render (i) audit, audit-related or permissible non-audit services to the registrant or (ii) non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, either (a) the audit committee shall pre-approve such engagement; or (b) such engagement shall be entered into pursuant to pre-approval policies and procedures established by the audit committee. Any such policies and procedures must be detailed as to the particular service and not involve any delegation of the audit committee's responsibilities to the registrant's investment adviser. The audit committee may delegate to one or more of its members the authority to grant pre-approvals. The pre-approval policies and procedures shall include the requirement that the decisions of any member to whom authority is delegated under this provision shall be presented to the full audit committee at its next scheduled meeting. Under certain limited circumstances, pre-approvals are not required if certain de minimus thresholds are not exceeded, as such thresholds are determined by the audit committee in accordance with applicable Commission regulations.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Less than 50% of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">During the fiscal years ended December 31, 2016 and 2015, aggregate non-audit fees of $3,900 and $3,800, respectively, were billed by the registrant's principal accountant for services rendered to the registrant. No non-audit fees were billed in either of the last two fiscal years by the registrant's principal accountant for services rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The principal accountant has not provided any non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 5.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">AUDIT COMMITTEE OF LISTED REGISTRANTS.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934. Robert E. Dean, Glenn W. Wilcox, Sr., (Chairman), Edwin Meese III, Andrew A. Strauss and Scott B. Rogers are the members of the registrant's audit committee.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Not applicable</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">SCHEDULE OF INVESTMENTS.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Not required</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 7.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The registrant and Cornerstone Advisors, Inc., the registrant's investment adviser, share the same proxy voting policies and procedures. The proxy voting policies and procedures of the registrant and Cornerstone Advisors, Inc. are attached as Exhibit 99.VOTEREG.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 8.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)(1) All information included in this Item is as of the date of the filing of this Form N-CSR, unless otherwise noted. Ralph W. Bradshaw is the portfolio manager of the registrant. Mr. Bradshaw has acted as portfolio manager since 2002. Mr. Bradshaw is President of Cornerstone Advisors, Inc. and serves as President and Chairman of the Board of the registrant and Cornerstone Strategic Value Fund, Inc.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)(2) Ralph W. Bradshaw manages one other closed-end registered investment company: Cornerstone Strategic Value Fund, Inc. As of December 31, 2016, net assets of Cornerstone Strategic Value Fund, Inc. were $380,024,399. Mr. Bradshaw manages no accounts except for the registrant and Cornerstone Strategic Value Fund, Inc. Mr. Bradshaw manages no accounts where the advisory fee is based on the performance of the account. No material conflicts of interest exist in connection with the portfolio manager's management of the registrant's investments, on the one hand, and the investment of the other accounts included in response to this Item, on the other.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)(3) Compensation of Ralph W. Bradshaw includes a fixed salary paid by Cornerstone Advisors, Inc. plus his share of the profits of Cornerstone Advisors, Inc. The profitability of Cornerstone Advisors, Inc. is primarily dependent upon the value of the assets of the registrant and other managed accounts. However, compensation is not directly based upon the registrant's performance or on the value of the registrant's assets.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)(4) The dollar range of equity securities in the registrant beneficially owned by each portfolio manager as of December 31, 2016 is as follows: Ralph W. Bradshaw: $50,001 - $100,000</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 9.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 10.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees that have been implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) or this Item.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 11.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">CONTROLS AND PROCEDURES.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ITEM 12.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">EXHIBITS.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not required</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Exhibit 99.CODE ETH</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Proxy Voting Policies and Procedures</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Certifications required by Rule 30a-2(a) under the Act</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Certifications required by Rule 30a-2(b) under the Act</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">SIGNATURES</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(Registrant) <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Cornerstone Total Return Fund, Inc.</u></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">By (Signature and Title)*</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">/s/ Ralph W. Bradshaw</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Ralph W. Bradshaw, Chairman and President</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(Principal Executive Officer)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</div>

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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">CORNERSTONE STRATEGIC VALUE FUND, INC.</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">CORNERSTONE TOTAL RETURN FUND, INC.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">CODE OF ETHICS FOR SENIOR OFFICERS</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) has adopted rules requiring annual disclosure of an investment company&#8217;s code of ethics applicable to the company&#8217;s principal executive as well as principal financial officers, if such a code has been adopted. In response, Cornerstone Strategic Value Fund, Inc. and Cornerstone Total Return Fund, Inc. (the &#8220;Funds&#8221;) have each adopted this Code of Ethics.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">STATEMENT OF POLICY</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">It is the obligation of the senior officers of each Fund to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to the Fund&#8217;s shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve each Fund in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information each Fund&#8217;s shareholders have a right to expect.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">The purpose of this Code of Ethics (the &#8220;Code&#8221;) is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Funds, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Funds and its adviser have adopted or may adopt in the future with which Fund officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">COVERED PERSONS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">This Code applies to those persons appointed by the each Fund&#8217;s Board of Directors as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">PROMOTION OF HONEST AND ETHICAL CONDUCT</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">In serving as an officer of a Fund, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to a Fund, whether directly or indirectly, to do the same.</div>

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<div style="LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Each Covered Person understands that as an officer of a Fund, he has a duty to act in the best interests of the Fund and its shareholders. The interests of the Covered Person&#8217;s personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Fund.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of a Fund, he should consult with the Fund&#8217;s chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Directors of a Fund or a committee thereof.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to a Fund give a gift or an economic benefit of any kind to him in connection with the person&#8217;s retention or the provision of services.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">PROMOTION OF FULL, FAIR, ACCURATE, TIMELY AND UNDERSTANDABLE DISCLOSURE</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Fund shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person&#8217;s possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Fund counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Fund service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Fund reports reveal, rather than conceal, each Fund&#8217;s financial condition.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Fund to provide full, fair and accurate financial information and other disclosure to regulators and Fund shareholders.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Each Covered Person shall inquire of other Fund officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Each Covered Person shall diligently perform his services to the Fund, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.</div>

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<div style="LINE-HEIGHT: 1.15">PROMOTION OF COMPLIANCE WITH APPLICABLE GOVERNMENT LAWS, RULES AND REGULATIONS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to each Fund and their operations and shall act with competence and due care in serving as an officer of a Fund. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Funds.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Each Covered Person shall cooperate with each Fund&#8217;s independent auditors, regulatory agencies and internal auditors in their review or inspection of the Fund and its operations.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">No Covered Person shall knowingly violate any law or regulation relating to a Fund or their operations or seek to illegally circumvent any such law or regulation.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving a Fund or its operations.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">PROMOTING PROMPT INTERNAL REPORTING OF VIOLATIONS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Fund&#8217;s Audit Committee.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Fund&#8217;s Audit Committee. All waivers and amendments shall be disclosed as required by law.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Fund. Sanctions shall be imposed by the Fund&#8217;s Audit Committee, subject to review by the entire Board of Directors of the Fund.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Each Covered Person shall be required to certify annually whether he has complied with this Code.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">NO RIGHTS CREATED</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Fund&#8217;s senior officers in the conduct of the Fund&#8217;s business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">Each Fund will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (i) that provided the basis for any amendment or waiver to this Code and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15; TEXT-INDENT: 36pt">The Directors will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">I HEREBY CERTIFY THAT:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">I have read and I understand the Code of Ethics for Senior Officers adopted by Cornerstone Strategic Value Fund, Inc. and&#160;Cornerstone Total Return Fund, Inc. (the &#8220;Code of Ethics&#8221;);</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">I have complied with the requirements of the Code of Ethics during the calendar year ending December 31, _____; and</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements of the Code during the calendar year ending December 31, _____.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">The following is a description of the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities as contained in the following Glass Lewis' Proxy Paper Guidelines -- 2017 Proxy Season.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">Where determined appropriate by the Adviser in order to comply with Federal securities regulations and the rules promulgated thereunder, the Fund reserves the right to shadow vote certain proxies received by it with respect to the annual or special meetings of shareholders for companies in which the Fund is invested.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis evaluates these guidelines on an ongoing basis and formally updates them on an annual basis. This</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">year we&#8217;ve made noteworthy revisions in the following areas, which are summarized below but discussed in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">greater detail in the relevant section of this document:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">SUMMARY OF CHANGES FOR THE 2017 UNITED STATES POLICY GUIDELINES</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">DIRECTOR OVERBOARDING POLICY</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The 2017 guidelines codify the policies outlined in last year&#8217;s update. Glass Lewis will generally recommend</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting against a director who serves as an executive officer of any public company while serving on a total of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">more than two public company boards and any other director who serves on a total of more than five public</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company boards.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">When determining whether a director&#8217;s service on an excessive number of boards may limit the ability of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the director to devote sufficient time to board duties, we may consider relevant factors such as the size and location of the other companies where the director serves on the board, the director&#8217;s board duties at the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">companies in question, whether the director serves on the board of any large privately-held companies, the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">director&#8217;s tenure on the boards in question, and the director&#8217;s attendance record at all companies.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We may also refrain from recommending against certain directors if the company provides sufficient rationale</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">for their continued board service. The rationale should allow shareholders to evaluate the scope of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">directors&#8217; other commitments as well as their contributions to the board including specialized knowledge</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the company&#8217;s industry, strategy or key markets, the diversity of skills, perspective and background they</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">provide, and other relevant factors.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Because we believe that executives will primarily devote their attention to executive duties, we generally will</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">not recommend that shareholders vote against overcommitted directors at the companies where they serve</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">as an executive.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">GOVERNANCE FOLLOWING AN IPO OR SPIN-OFF</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We clarified how we approach corporate governance at newly-public entities. While we generally believe</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">that such companies should be allowed adequate time to fully comply with marketplace listing requirements</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and meet basic governance standards, Glass Lewis will also review the terms of the company&#8217;s governing</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">documents in order to determine whether shareholder rights are being severely restricted from the outset.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In cases where we believe the board has approved governing documents that significantly restrict the ability</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of shareholders to effect change; we will consider recommending that shareholders vote against the members</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the governance committee or the directors that served at the time of the governing documents&#8217; adoption,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">depending on the severity of the concern.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The new guidelines outline which specific areas of governance we review. These areas include anti-takeover</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">mechanisms, supermajority vote requirements, and general shareholder rights such as the ability of shareholders</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to remove directors and call special meetings.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">BOARD EVALUATION AND REFRESHMENT</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We have clarified our approach to board evaluation, succession planning and refreshment. Generally speaking,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes a robust board evaluation process &#8212; one focused on the assessment and alignment of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">director skills with company strategy &#8212; is more effective than solely relying on age or tenure limits.</font></div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">I. A Board of Directors that&#160;Serves Shareholder Interest</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ELECTION OF DIRECTORS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The purpose of Glass Lewis&#8217; proxy research and advice is to facilitate shareholder voting in favor of governance</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">structures that will drive performance, create shareholder value and maintain a proper tone at the top. Glass</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Lewis looks for talented boards with a record of protecting shareholders and delivering value over the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">medium- and long-term. We believe that a board can best protect and enhance the interests of shareholders</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">if it is sufficiently independent, has a record of positive performance, and consists of individuals with diverse</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">backgrounds and a breadth and depth of relevant experience.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The independence of directors, or lack thereof, is ultimately demonstrated through the decisions they make. In</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">assessing the independence of directors, we will take into consideration, when appropriate, whether a director</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">has a track record indicative of making objective decisions. Likewise, when assessing the independence of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">directors we will also examine when a director&#8217;s track record on multiple boards indicates a lack of objective</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">decision-making. Ultimately, we believe the determination of whether a director is independent or not must</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">take into consideration both compliance with the applicable independence listing requirements as well as</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">judgments made by the director.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We look at each director nominee to examine the director&#8217;s relationships with the company, the company&#8217;s</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">executives, and other directors. We do this to evaluate whether personal, familial, or financial relationships</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">(not including director compensation) may impact the director&#8217;s decisions. We believe that such relationships</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">make it difficult for a director to put shareholders&#8217; interests above the director&#8217;s or the related party&#8217;s interests.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We also believe that a director who owns more than 20% of a company can exert disproportionate influence</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">on the board, and therefore believe such a director&#8217;s independence may be hampered, in particular when</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">serving on the audit committee.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Thus, we put directors into three categories based on an examination of the type of relationship they have</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">with the company:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 47pt; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Independent</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Director</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; An independent director has no material financial, familial or other current</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">relationships with the company, its executives, or other board members, except for board service and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">standard fees paid for that service. Relationships that existed within three to five years</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">before the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">inquiry are usually considered &#8220;current&#8221; for purposes of this test.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 47pt; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Affiliated</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Director</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; An affiliated director has, (or within the past three years, had) a material</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">financial, familial or other relationship with the company or its executives, but is not an employee of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the company.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">This includes directors whose employers have a material financial relationship with the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In addition, we view a director who either owns or controls 20% or more of the company&#8217;s</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting stock, or is an employee or affiliate of an entity that controls such amount, as an affiliate.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">4</sup></font></div>

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<div>NASDAQ originally proposed a five-year look-back period but both it and the NYSE ultimately settled on a three-year look-back prior to finalizing&#160;their rules. A five-year standard is more appropriate, in our view, because we believe that the unwinding of conflicting relationships between former&#160;management and board members is more likely to be complete and final after five years. However, Glass Lewis does not apply the five-year look-back&#160;period to directors who have previously served as executives of the company on an interim basis for less than one year.</div>
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<div style="LINE-HEIGHT: 1.15">If a company does not consider a non-employee director to be independent, Glass Lewis will classify that director as an affiliate.</div>
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<div style="LINE-HEIGHT: 1.15">We allow a five-year grace period for former executives of the company or merged companies who have consulting agreements with the surviving&#160;company. (We do not automatically recommend voting against directors in such cases for the first five years.) If the consulting agreement persists after&#160;this five-year grace period, we apply the materiality thresholds outlined in the definition of &#8220;material.&#8221;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">This includes a director who serves on a board as a representative (as part of his or her basic responsibilities) of an investment firm with greater than</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">20% ownership. However, while we will generally consider him/her to be affiliated, we will not recommend voting against unless (i) the investment firm</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">has disproportionate board representation or (ii) the director serves on the audit committee.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We view 20% shareholders as affiliates because they typically have access to and involvement with the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">management of a company that is fundamentally different from that of ordinary shareholders. More importantly,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">20% holders may have interests that diverge from those of ordinary holders, for reasons such as the liquidity</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">(or lack thereof) of their holdings, personal tax issues, etc.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis applies a three-year look back period to all directors who have an affiliation with the company</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">other than former employment, for which we apply a five-year look back.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Definition of <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#8220;Material&#8221;</font>: A material relationship is one in which the dollar value exceeds:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">$50,000 (or where no amount is disclosed) for directors who are paid for a service they have agreed</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to perform for the company, outside of their service as a director, including professional or other</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">services; or</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">$120,000 (or where no amount is disclosed) for those directors employed by a professional services</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">firm such as a law firm, investment bank, or consulting firm and the company pays the firm, not</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the individual, for services.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">5</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">This dollar limit would also apply to charitable contributions to schools</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">where a board member is a professor; or charities where a director serves on the board or is an</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">executive;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">6</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and any aircraft and real estate dealings between the company and the director&#8217;s firm; or</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">1% of either company&#8217;s consolidated gross revenue for other business relationships (e.g., where</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the director is an executive officer of a company that provides services or products to or receives</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">services or products from the company).</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">7</sup></font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Definition of </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#8220;Familial&#8221;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; Familial relationships include a person&#8217;s spouse, parents, children, siblings,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">grandparents, uncles, aunts, cousins, nieces, nephews, in-laws, and anyone (other than domestic employees)</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">who shares such person&#8217;s home. A director is an affiliate if: i) he or she has a family member who is employed</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">by the company and receives more than $120,000 in annual compensation; or, ii) he or she has a family</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">member who is employed by the company and the company does not disclose this individual&#8217;s compensation.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Definition of </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#8220;Company&#8221;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; A company includes any parent or subsidiary in a group with the company or any</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">entity that merged with, was acquired by, or acquired the company.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Inside</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Director</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; An inside director simultaneously serves as a director and as an employee of the company.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">This category may include a board chair who acts as an employee of the company or is paid as an employee</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the company. In our view, an inside director who derives a greater amount of income as a result of affiliated</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">transactions with the company rather than through compensation paid by the company (i.e., salary, bonus,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">etc. as a company employee) faces a conflict between making decisions that are in the best interests of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company versus those in the director&#8217;s own best interests. Therefore, we will recommend voting against such</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a director.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Additionally, we believe a director who is currently serving in an interim management position should be</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">considered an insider, while a director who previously served in an interim management position for less</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">than one year and is no longer serving in such capacity is considered independent. Moreover, a director</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">who previously served in an interim management position for over one year and is no longer serving in such</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">capacity is considered an affiliate for five years following the date of his/her resignation or departure from the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">interim management position.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We may deem such a transaction to be immaterial where the amount represents less than 1% of the firm&#8217;s annual revenues and the board provides a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">compelling rationale as to why the director&#8217;s independence is not affected by the relationship.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We will generally take into consideration the size and nature of such charitable entities in relation to the company&#8217;s size and industry along with any</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">other relevant factors such as the director&#8217;s role at the charity. However, unlike for other types of related party transactions, Glass Lewis generally does</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">not apply a look-back period to affiliated relationships involving charitable contributions; if the relationship between the director and the school or charity</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">ceases, or if the company discontinues its donations to the entity, we will consider the director to be independent.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">This includes cases where a director is employed by, or closely affiliated with, a private equity firm that profits from an acquisition made by the company.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Unless disclosure suggests otherwise, we presume the director is affiliated.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">VOTING RECOMMENDATIONS ON THE BASIS OF BOARD INDEPENDENCE</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes a board will be most effective in protecting shareholders&#8217; interests if it is at least two-thirds independent. We note that each of the Business Roundtable, the Conference Board, and the Council of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Institutional Investors advocates that two-thirds of the board be independent. Where more than one-third of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the members are affiliated or inside directors, we typically</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">8</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">recommend voting against some of the inside and/</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or affiliated directors in order to satisfy the two-thirds threshold.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In the case of a less than two-thirds independent board, Glass Lewis strongly supports the existence of a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">presiding or lead director with authority to set the meeting agendas and to lead sessions outside the insider</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">chair&#8217;s presence.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In addition, we scrutinize avowedly &#8220;independent&#8221; chairmen and lead directors. We believe that they should</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">be unquestionably independent or the company should not tout them as such.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">COMMITTEE INDEPENDENCE</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe that only independent directors should serve on a company&#8217;s audit, compensation, nominating,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and governance committees.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">9</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We typically recommend that shareholders vote against any affiliated or inside</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">director seeking appointment to an audit, compensation, nominating, or governance committee, or who has</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">served in that capacity in the past year.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Pursuant to Section 952 of the Dodd-Frank Act, as of January 11, 2013, the SEC approved new listing</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">requirements for both the NYSE and NASDAQ which require that boards apply enhanced standards of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">independence when making an affirmative determination of the independence of compensation committee</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">members. Specifically, when making this determination, in addition to the factors considered when assessing</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">general director independence, the board&#8217;s considerations must include: (i) the source of compensation of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the director, including any consulting, advisory or other compensatory fee paid by the listed company to the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">director (the &#8220;Fees Factor&#8221;); and (ii) whether the director is affiliated with the listing company, its subsidiaries,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or affiliates of its subsidiaries (the &#8220;Affiliation Factor&#8221;).</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes it is important for boards to consider these enhanced independence factors when assessing</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">compensation committee members. However, as discussed above in the section titled Independence, we apply</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">our own standards when assessing the independence of directors, and these standards also take into account</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">consulting and advisory fees paid to the director, as well as the director&#8217;s affiliations with the company and its</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">subsidiaries and affiliates. We may recommend voting against compensation committee members who are not</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">independent based on our standards.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">INDEPENDENT CHAIR</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that separating the roles of CEO (or, more rarely, another executive position) and chair</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">creates a better governance structure than a combined CEO/chair position. An executive manages the business</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">according to a course the board charts. Executives should report to the board regarding their performance in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">achieving goals set by the board. This is needlessly complicated when a CEO chairs the board, since a CEO/</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">chair presumably will have a significant influence over the board.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">While many companies have an independent lead or presiding director who performs many of the same</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">functions of an independent chair (e.g., setting the board meeting agenda), we do not believe this alternate</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">form of independent board leadership provides as robust protection for shareholders as an independent chair.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">With a staggered board, if the affiliates or insiders that we believe should not be on the board are not up for election, we will express our concern</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">regarding those directors, but we will not recommend voting against the other affiliates or insiders who are up for election just to achieve two-thirds</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">independence. However, we will consider recommending voting against the directors subject to our concern at their next election if the issue giving rise to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the concern is not resolved.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We will recommend voting against an audit committee member who owns 20% or more of the company&#8217;s stock, and we believe that there should be a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">maximum of one director (or no directors if the committee is comprised of less than three directors) who owns 20% or more of the company&#8217;s stock on the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">compensation, nominating, and governance committees.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">It can become difficult for a board to fulfill its role of overseer and policy setter when a CEO/chair controls the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">agenda and the boardroom discussion. Such control can allow a CEO to have an entrenched position, leading</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to longer-than-optimal terms, fewer checks on management, less scrutiny of the business operation, and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">limitations on independent, shareholder-focused goal-setting by the board.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A CEO should set the strategic course for the company, with the board&#8217;s approval, and the board should enable</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the CEO to carry out the CEO&#8217;s vision for accomplishing the board&#8217;s objectives. Failure to achieve the board&#8217;s</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">objectives should lead the board to replace that CEO with someone in whom the board has confidence.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Likewise, an independent chair can better oversee executives and set a pro-shareholder agenda without the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">management conflicts that a CEO and other executive insiders often face. Such oversight and concern for</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholders allows for a more proactive and effective board of directors that is better able to look out for the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">interests of shareholders.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Further, it is the board&#8217;s responsibility to select a chief executive who can best serve a company and its</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholders and to replace this person when his or her duties have not been appropriately fulfilled. Such</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a replacement becomes more difficult and happens less frequently when the chief executive is also in the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">position of overseeing the board.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that the installation of an independent chair is almost always a positive step from a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">corporate governance perspective and promotes the best interests of shareholders. Further, the presence of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">an independent chair fosters the creation of a thoughtful and dynamic board, not dominated by the views</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of senior management. Encouragingly, many companies appear to be moving in this direction&#8212;one study</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">indicates that only 10 percent of incoming CEOs in 2014 were awarded the chair title, versus 48 percent in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">2002.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">10</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Another study finds that 48 percent of S&amp;P 500 boards now separate the CEO and chair roles, up</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">from 37 percent in 2009, although the same study found that only 29 percent of S&amp;P 500 boards have truly</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">independent chairs.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">11</sup></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We do not recommend that shareholders vote against CEOs who chair the board. However, we typically</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">recommend that our clients support separating the roles of chair and CEO whenever that question is posed in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a proxy (typically in the form of a shareholder proposal), as we believe that it is in the long-term best interests</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the company and its shareholders.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Further, where the company has neither an independent chair nor independent lead director, we will recommend</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting against the chair of the governance committee.</font></div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The most crucial test of a board&#8217;s commitment to the company and its shareholders lies in the actions of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">board and its members. We look at the performance of these individuals as directors and executives of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company and of other companies where they have served.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We find that a director&#8217;s past conduct is often indicative of future conduct and performance. We often find</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">directors with a history of overpaying executives or of serving on boards where avoidable disasters have</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">occurred serving on the boards of companies with similar problems. Glass Lewis has a proprietary database</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of directors serving at over 8,000 of the most widely held U.S. companies. We use this database to track the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">performance of directors across companies.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">VOTING RECOMMENDATIONS ON THE BASIS OF PERFORMANCE</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We typically recommend that shareholders vote against directors who have served on boards or as executives</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of companies with records of poor performance, inadequate risk oversight, excessive compensation, audit-or accounting-related issues, and/or other indicators of mismanagement or actions against the interests of shareholders. We will reevaluate such directors based on, among other factors, the length of time passed&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">since the incident giving rise to the concern, shareholder support for the director, the severity of the issue, the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">director&#8217;s role (e.g., committee membership), director tenure at the subject company, whether ethical lapses</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">accompanied the oversight lapse, and evidence of strong oversight at other companies.</font></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Ken Favaro, Per-Ola Karlsson and Gary L. Nelson. &#8220;The $112 Billion CEO Succession Problem.&#8221; (</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Strategy+Business</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">, Issue 79, Summer 2015).</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Spencer Stuart Board Index, 2015, p.20.</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Likewise, we examine the backgrounds of those who serve on key board committees to ensure that they have</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the required skills and diverse backgrounds to make informed judgments about the subject matter for which</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the committee is responsible.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe shareholders should avoid electing directors who have a record of not fulfilling their responsibilities</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to shareholders at any company where they have held a board or executive position. We typically recommend</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting against:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A director who fails to attend a minimum of 75% of board and applicable committee meetings,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">calculated in the aggregate.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">12</sup></font></div>
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<div style="LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A director who belatedly filed a significant form(s) 4 or 5, or who has a pattern of late filings if the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">late filing was the director&#8217;s fault (we look at these late filing situations on a case-by-case basis).</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A director who is also the CEO of a company where a serious and material restatement has occurred</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">after the CEO had previously certified the pre-restatement financial statements.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A director who has received two against recommendations from Glass Lewis for identical reasons</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">within the prior year at different companies (the same situation must also apply at the company</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">being analyzed).</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All directors who served on the board if, for the last three years, the company&#8217;s performance has</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">been in the bottom quartile of the sector and the directors have not taken reasonable steps to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">address the poor performance.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that any time 25% or more of shareholders vote contrary to the recommendation of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">management, the board should, depending on the issue, demonstrate some level of responsiveness to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">address the concerns of shareholders. These include instances when 25% or more of shareholders (excluding</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">abstentions and broker non-votes): WITHHOLD votes from (or vote AGAINST) a director nominee, vote</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">AGAINST a management-sponsored proposal, or vote FOR a shareholder proposal. In our view, a 25% threshold</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">is significant enough to warrant a close examination of the underlying issues and an evaluation of whether or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">not a board response was warranted and, if so, whether the board responded appropriately following the vote.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">While the 25% threshold alone will not automatically generate a negative vote recommendation from Glass</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Lewis on a future proposal (e.g., to recommend against a director nominee, against a say-on-pay proposal,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">etc.), it may be a contributing factor to our recommendation to vote against management&#8217;s recommendation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">in the event we determine that the board did not respond appropriately.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">As a general framework, our evaluation of board responsiveness involves a review of publicly available</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">disclosures (e.g., the proxy statement, annual report, 8-Ks, company website, etc.) released following the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">date of the company&#8217;s last annual meeting up through the publication date of our most current Proxy Paper.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Depending on the specific issue, our focus typically includes, but is not limited to, the following:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">However, where a director has served for less than one full year, we will typically not recommend voting against for failure to attend 75% of meetings.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Rather, we will note the poor attendance with a recommendation to track this issue going forward. We will also refrain from recommending to vote against</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">directors when the proxy discloses that the director missed the meetings due to serious illness or other extenuating circumstances.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Any revisions made to the company&#8217;s articles of incorporation, bylaws or other governance documents;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Any modifications made to the design and structure of the company&#8217;s compensation program, as</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">well as an assessment of the company&#8217;s engagement with shareholders on compensation issues as</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">discussed in the CD&amp;A, particularly following a material vote against a company&#8217;s say-on-pay.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Our Proxy Paper analysis will include a case-by-case assessment of the specific elements of board</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">responsiveness that we examined along with an explanation of how that assessment impacts our current</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting recommendations.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">THE ROLE OF A COMMITTEE CHAIR</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that a designated committee chair maintains primary responsibility for the actions of his</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or her respective committee. As such, many of our committee-specific voting recommendations are against</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the applicable committee chair rather than the entire committee (depending on the seriousness of the issue).</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">However, in cases where we would ordinarily recommend voting against a committee chair but the chair is not</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">specified, we apply the following general rules, which apply throughout our guidelines:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">If there is no committee chair, we recommend voting against the longest-serving committee member</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or, if the longest-serving committee member cannot be determined, the longest-serving board</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">member serving on the committee (i.e., in either case, the &#8220;senior director&#8221;); and</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">If there is no committee chair, but multiple senior directors serving on the committee, we recommend</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting against both (or all) such senior directors.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In our view, companies should provide clear disclosure of which director is charged with overseeing each</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">committee. In cases where that simple framework is ignored and a reasonable analysis cannot determine</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">which committee member is the designated leader, we believe shareholder action against the longest serving</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">committee member(s) is warranted. Again, this only applies if we would ordinarily recommend voting against</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the committee chair but there is either no such position or no designated director in such role.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">On the contrary, in cases where there is a designated committee chair and the recommendation is to vote</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">against the committee chair, but the chair is not up for election because the board is staggered, we do not</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">recommend voting against any members of the committee who are up for election; rather, we will note the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">concern with regard to the committee chair.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">AUDIT COMMITTEES AND PERFORMANCE</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Audit committees play an integral role in overseeing the financial reporting process because &#8220;[v]ibrant and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">stable capital markets depend on, among other things, reliable, transparent, and objective financial information</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to support an efficient and effective capital market process. The vital oversight role audit committees play in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the process of producing financial information has never been more important.&#8221;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">13</sup></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">When assessing an audit committee&#8217;s performance, we are aware that an audit committee does not prepare</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">financial statements, is not responsible for making the key judgments and assumptions that affect the financial</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">statements, and does not audit the numbers or the disclosures provided to investors. Rather, an audit committee</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">member monitors and oversees the process and procedures that management and auditors perform. The 1999</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Report and Recommendations of the Blue Ribbon Committee on Improving the Effectiveness of Corporate</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Audit Committees stated it best:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Audit Committee Effectiveness &#8211; What Works Best.&#8221; PricewaterhouseCoopers. The Institute of Internal Auditors Research Foundation. 2005.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 27pt; LINE-HEIGHT: 1.15">A&#160;proper&#160;and&#160;well-functioning&#160;system&#160;exists,&#160;therefore,&#160;when&#160;the&#160;three&#160;main&#160;groups&#160;responsible&#160;for&#160;financial&#160;reporting&#160; the&#160;full&#160;board&#160;including&#160;the&#160;audit&#160;committee,&#160;financial&#160;management&#160;including&#160;the&#160;internal&#160;auditors,&#160;and&#160;the&#160;outside&#160;auditors&#160;&#8212;form&#160;a&#160;&#8216;three&#160;legged&#160;stool&#8217;&#160;that&#160;supports&#160;responsible&#160;financial&#160;disclosure&#160;and&#160;active&#160;participatory&#160;oversight.&#160;However,&#160;in&#160;the&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 27pt; LINE-HEIGHT: 1.15">view&#160;of&#160;the&#160;Committee,&#160;the&#160;audit&#160;committee&#160;must&#160;be&#160;&#8216;first&#160;among&#160;equals&#8217;&#160;in&#160;this&#160;process,&#160;since&#160;the&#160;audit&#160;committee&#160;is&#160;an&#160;extension&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 27pt; LINE-HEIGHT: 1.15">of&#160;the&#160;full&#160;board&#160;and&#160;hence&#160;the&#160;ultimate&#160;monitor&#160;of&#160;the&#160;process.</div>

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<div style="LINE-HEIGHT: 1.15">STANDARDS FOR ASSESSING THE AUDIT COMMITTEE</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">For an audit committee to function effectively on investors&#8217; behalf, it must include members with sufficient</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">knowledge to diligently carry out their responsibilities. In its audit and accounting recommendations, the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Conference Board Commission on Public Trust and Private Enterprise said &#8220;members of the audit committee</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">must be independent and have both knowledge and experience in auditing financial matters.&#8221;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">14</sup></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We are skeptical of audit committees where there are members that lack expertise as a Certified Public</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Accountant (CPA), Chief Financial Officer (CFO) or corporate controller, or similar experience. While we will</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">not necessarily recommend voting against members of an audit committee when such expertise is lacking,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">we are more likely to recommend voting against committee members when a problem such as a restatement</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">occurs and such expertise is lacking.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis generally assesses audit committees against the decisions they make with respect to their</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">oversight and monitoring role. The quality and integrity of the financial statements and earnings reports, the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">completeness of disclosures necessary for investors to make informed decisions, and the effectiveness of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">internal controls should provide reasonable assurance that the financial statements are materially free from</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">errors. The independence of the external auditors and the results of their work all provide useful information</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">by which to assess the audit committee.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">When assessing the decisions and actions of the audit committee, we typically defer to its judgment and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">generally recommend voting in favor of its members. However, we will consider recommending that shareholders</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">vote against the following:</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">15</sup></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the audit committee when options were backdated, there is a lack of adequate</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">controls in place, there was a resulting restatement, and disclosures indicate there was a lack of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">documentation with respect to the option grants.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The audit committee chair, if the audit committee does not have a financial expert or the committee&#8217;s</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">financial expert does not have a demonstrable financial background sufficient to understand the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">financial issues unique to public companies.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The audit committee chair, if the audit committee did not meet at least four times during the year.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The audit committee chair, if the committee has less than three members.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Any audit committee member who sits on more than three public company audit committees, unless</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the audit committee member is a retired CPA, CFO, controller or has similar experience, in which</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">case the limit shall be four committees, taking time and availability into consideration including a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">review of the audit committee member&#8217;s attendance at all board and committee meetings.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">16</sup></font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Commission on Public Trust and Private Enterprise. The Conference Board. 2003.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">15</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">As discussed under the section labeled &#8220;Committee Chair,&#8221; where the recommendation is to vote against the committee chair but the chair is not up for</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">election because the board is staggered, we do not recommend voting against the members of the committee who are up for election; rather, we will note</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the concern with regard to the committee chair.</font></div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">16</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis may exempt certain audit committee members from the above threshold if, upon further analysis of relevant factors such as the director&#8217;s</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">experience, the size, industry-mix and location of the companies involved and the director&#8217;s attendance at all the companies, we can reasonably determine</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">that the audit committee member is likely not hindered by multiple audit committee commitments.</font></div>
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<td style="WIDTH: 29pt">&#160;</td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">6.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of an audit committee who are up for election and who served on the committee at the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">time of the audit, if audit and audit-related fees total one-third or less of the total fees billed by the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">auditor.</font></div>
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<table id="zdd6a18f973bc47f8a21f39f82e1a66c4" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 29pt">&#160;</td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">7.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The audit committee chair when tax and/or other fees are greater than audit and audit-related fees</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">paid to the auditor for more than one year in a row (in which case we also recommend against</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">ratification of the auditor).</font></div>
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<td style="WIDTH: 29pt">&#160;</td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">8.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of an audit committee where non-audit fees include fees for tax services (including,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">but not limited to, such things as tax avoidance or shelter schemes) for senior executives</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the company. Such services are prohibited by the Public Company Accounting Oversight</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Board (&#8220;PCAOB&#8221;).</font></div>
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<div>
<table id="zf6fa28f2088140a89e3547d9adf3c6b2" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 29pt">&#160;</td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">9.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of an audit committee that reappointed an auditor that we no longer consider to be</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">independent for reasons unrelated to fee proportions.</font></div>
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<td style="WIDTH: 29pt">&#160;</td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">10.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of an audit committee when audit fees are excessively low, especially when compared</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">with other companies in the same industry.</font></div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 29pt">&#160;</td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">11.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The audit committee chair</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">17 </sup></font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">if the committee failed to put auditor ratification on the ballot for</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholder approval. However, if the non-audit fees or tax fees exceed audit plus audit-related fees</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">in either the current or the prior year, then Glass Lewis will recommend voting against the entire</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">audit committee.</font></div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 29pt">&#160;</td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">12.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of an audit committee where the auditor has resigned and reported that a section 10A</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">18</sup></font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">letter has been issued.</font></div>
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<div>
<table id="zacb2ad3bb165462186bcf148db7c2932" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 29pt">&#160;</td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">13.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of an audit committee at a time when material accounting fraud occurred at the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">19</sup></font></div>
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<table id="z7a7f6ff318f842f3aa5d19dbf96408a1" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 29pt">&#160;</td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">14.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of an audit committee at a time when annual and/or multiple quarterly financial</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">statements had to be restated, and any of the following factors apply:</font></div>
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<td style="WIDTH: 63pt">&#160;</td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#8226;</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The restatement involves fraud or manipulation by insiders;</div>
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<div>
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<td style="WIDTH: 63pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#8226;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The restatement is accompanied by an SEC inquiry or investigation;</div>
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<div>
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<td style="WIDTH: 63pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#8226;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The restatement involves revenue recognition;</div>
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<div>
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<td style="WIDTH: 63pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#8226;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The restatement results in a greater than 5% adjustment to costs of goods sold, operating</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">expense, or operating cash flows; or</font></div>
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<div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 63pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#8226;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The restatement results in a greater than 5% adjustment to net income, 10% adjustment to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">assets or shareholders equity, or cash flows from financing or investing activities.</font></div>
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<div>
<table id="z5fd376e747804bf0b2f65959416af85d" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 29pt">&#160;</td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">15.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of an audit committee if the company repeatedly fails to file its financial reports in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a timely fashion. For example, the company has filed two or more quarterly or annual financial</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">statements late within the last five quarters.</font></div>
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<table id="z590232dd5d364df195f82ec180ad78a8" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">17</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">As discussed under the section labeled &#8220;Committee Chair,&#8221; in all cases, if the chair of the committee is not specified, we recommend voting against</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the director who has been on the committee the longest.</font></div>
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<div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">18</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Auditors are required to report all potential illegal acts to management and the audit committee unless they are clearly inconsequential in nature.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">If the audit committee or the board fails to take appropriate action on an act that has been determined to be a violation of the law, the independent</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">auditor is required to send a section 10A letter to the SEC. Such letters are rare and therefore we believe should be taken seriously.</font></div>
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<table id="zca314150d3894bdc9d54c1977823155a" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">19</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Research indicates that revenue fraud now accounts for over 60% of SEC fraud cases, and that companies that engage in fraud experience significant</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">negative abnormal stock price declines&#8212;facing bankruptcy, delisting, and material asset sales at much higher rates than do non-fraud firms (Committee</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of Sponsoring Organizations of the Treadway Commission. &#8220;Fraudulent Financial Reporting: 1998-2007.&#8221; May 2010).</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">9</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">16.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of an audit committee when it has been disclosed that a law enforcement agency</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">has charged the company and/or its employees with a violation of the Foreign Corrupt Practices</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Act (FCPA).</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">17.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of an audit committee when the company has aggressive accounting policies and/or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">poor disclosure or lack of sufficient transparency in its financial statements.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">18.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the audit committee when there is a disagreement with the auditor and the auditor</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">resigns or is dismissed (e.g., the company receives an adverse opinion on its financial statements</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">from the auditor).</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">19.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the audit committee if the contract with the auditor specifically limits the auditor&#8217;s</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">liability to the company for damages.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">20</sup></font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">20.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the audit committee who served since the date of the company&#8217;s last annual meeting,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and when, since the last annual meeting, the company has reported a material weakness that has not</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">yet been corrected, or, when the company has an ongoing material weakness from a prior year that</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">has not yet been corrected.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We also take a dim view of audit committee reports that are boilerplate, and which provide little or no</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">information or transparency to investors. When a problem such as a material weakness, restatement or late</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">filings occurs, we take into consideration, in forming our judgment with respect to the audit committee, the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">transparency of the audit committee report.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">COMPENSATION COMMITTEE PERFORMANCE</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Compensation committees have a critical role in determining the compensation of executives. This includes</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">deciding the basis on which compensation is determined, as well as the amounts and types of compensation to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">be paid. This process begins with the hiring and initial establishment of employment agreements, including the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">terms for such items as pay, pensions and severance arrangements. It is important in establishing compensation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">arrangements that compensation be consistent with, and based on the long-term economic performance of,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the business&#8217;s long-term shareholders returns.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Compensation committees are also responsible for the oversight of the transparency of compensation. This</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">oversight includes disclosure of compensation arrangements, the matrix used in assessing pay for performance,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and the use of compensation consultants. In order to ensure the independence of the board&#8217;s compensation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">consultant, we believe the compensation committee should only engage a compensation consultant that is not</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">also providing any services to the company or management apart from their contract with the compensation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">committee. It is important to investors that they have clear and complete disclosure of all the significant</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">terms of compensation arrangements in order to make informed decisions with respect to the oversight and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">decisions of the compensation committee.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Finally, compensation committees are responsible for oversight of internal controls over the executive</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">compensation process. This includes controls over gathering information used to determine compensation,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">establishment of equity award plans, and granting of equity awards. For example, the use of a compensation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">consultant who maintains a business relationship with company management may cause the committee to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">make decisions based on information that is compromised by the consultant&#8217;s conflict of interests. Lax controls</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">can also contribute to improper awards of compensation such as through granting of backdated or spring-loaded options, or granting of bonuses when triggers for bonus payments have not been met.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Central to understanding the actions of a compensation committee is a careful review of the Compensation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Discussion and Analysis (&#8220;CD&amp;A&#8221;) report included in each company&#8217;s proxy. We review the CD&amp;A in our</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">evaluation of the overall compensation practices of a company, as overseen by the compensation committee.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">20</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Council of Institutional Investors. &#8220;Corporate Governance Policies,&#8221; p. 4, April 5, 2006; and &#8220;Letter from Council of Institutional Investors to the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">AICPA,&#8221; November 8, 2006.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">10</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The CD&amp;A is also integral to the evaluation of compensation proposals at companies, such as advisory</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">votes on executive compensation, which allow shareholders to vote on the compensation paid to a company&#8217;s</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">top executives.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">When assessing the performance of compensation committees, we will consider recommending that</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholders vote against the following:</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">21</sup></font></div>

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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of a compensation committee during whose tenure the committee failed to address</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholder concerns following majority shareholder rejection of the say-on-pay proposal in the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">previous year. Where the proposal was approved but there was a significant shareholder vote</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">(i.e., greater than 25% of votes cast) against the say-on-pay proposal in the prior year, if the board</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">did not respond sufficiently to the vote including actively engaging shareholders on this issue, we</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">will also consider recommending voting against the chair of the compensation committee or all</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">members of the compensation committee, depending on the severity and history of the compensation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">problems and the level of shareholder opposition.</font></div>
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<div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">2.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the compensation committee who are up for election and served when the company</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">failed to align pay with performance if shareholders are not provided with an advisory vote on</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">executive compensation at the annual meeting.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">22</sup></font></div>
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<div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">3.</div>
</td>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Any member of the compensation committee who has served on the compensation committee of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">at least two other public companies that have consistently failed to align pay with performance and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">whose oversight of compensation at the company in question is suspect.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">4.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the compensation committee (during the relevant time period) if the company</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">entered into excessive employment agreements and/or severance agreements.</font></div>
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<table id="z1081da3321e14c47bc804a3333561805" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">5.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the compensation committee when performance goals were changed (i.e., lowered)</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">when employees failed or were unlikely to meet original goals, or performance-based compensation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">was paid despite goals not being attained.</font></div>
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<table id="z3b4a5d17d2a2426eb55cc0e0ec72115e" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">6.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the compensation committee if excessive employee perquisites and benefits</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">were allowed.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The compensation committee chair if the compensation committee did not meet during the year.</div>
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<table id="z4091f235274249ecab0a3bef0a7e9fb6" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">8.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the compensation committee when the company repriced options or completed a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8220;self tender offer&#8221; without shareholder approval within the past two years.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">9.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">All members of the compensation committee when vesting of in-the-money options is accelerated.</div>
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<table id="z9292fa111e494466a8df2a7513c1067c" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">10.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the compensation committee when option exercise prices were backdated. Glass</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Lewis will recommend voting against an executive director who played a role in and participated in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">option backdating.</font></div>
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<table id="zc25669de1fd7474ea21c8712f742c0d8" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 29pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">11.</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the compensation committee when option exercise prices were spring-loaded or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">otherwise timed around the release of material information.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">21</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">As discussed under the section labeled &#8220;Committee Chair,&#8221; where the recommendation is to vote against the committee chair and the chair is not up for</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">election because the board is staggered, we do not recommend voting against any members of the committee who are up for election; rather, we will note</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the concern with regard to the committee chair.</font></div>
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<table id="z365c6c2c73e94c17a47aa6aa9b7c4aa1" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">22</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">If a company provides shareholders with a say-on-pay proposal, we will initially only recommend voting against the company&#8217;s say-on-pay proposal</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and will not recommend voting against the members of the compensation committee unless there is a pattern of failing to align pay and performance</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and/or the company exhibits egregious compensation practices. However, if the company repeatedly fails to align pay and performance, we will then</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">recommend against the members of the compensation committee in addition to recommending voting against the say-on-pay proposal. For cases in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">which the disconnect between pay and performance is marginal and the company has outperformed its peers, we will consider not recommending against</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">compensation committee members.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">11</div>

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<table id="z626e9b1d007749a28db9250a15da9d96" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">12.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the compensation committee when a new employment contract is given to an</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">executive that does not include a clawback provision and the company had a material restatement,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">especially if the restatement was due to fraud.</font></div>
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<table id="zd1ee3c3fa3ec4acfbaa2d81e40c2c12b" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">13.</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The chair of the compensation committee where the CD&amp;A provides insufficient or unclear information</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">about performance metrics and goals, where the CD&amp;A indicates that pay is not tied to performance,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or where the compensation committee or management has excessive discretion to alter performance</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">terms or increase amounts of awards in contravention of previously defined targets.</font></div>
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<div>
<table id="z54a172c0d57e4d5f8544d96a85ae32bd" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">14.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the compensation committee during whose tenure the committee failed to implement</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a shareholder proposal regarding a compensation-related issue, where the proposal received the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">affirmative vote of a majority of the voting shares at a shareholder meeting, and when a reasonable</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">analysis suggests that the compensation committee (rather than the governance committee) should</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">have taken steps to implement the request.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">23</sup></font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">NOMINATING AND GOVERNANCE COMMITTEE PERFORMANCE</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The nominating and governance committee, as an agent for the shareholders, is responsible for the governance</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">by the board of the company and its executives. In performing this role, the committee is responsible and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">accountable for selection of objective and competent board members. It is also responsible for providing</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">leadership on governance policies adopted by the company, such as decisions to implement shareholder</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">proposals that have received a majority vote. (At most companies, a single committee is charged with these</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">oversight functions; at others, the governance and nominating responsibilities are apportioned among two</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">separate committees.)</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Consistent with Glass Lewis&#8217; philosophy that boards should have diverse backgrounds and members with a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">breadth and depth of relevant experience, we believe that nominating and governance committees should</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">consider diversity when making director nominations within the context of each specific company and its</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">industry. In our view, shareholders are best served when boards make an effort to ensure a constituency that is</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">not only reasonably diverse on the basis of age, race, gender and ethnicity, but also on the basis of geographic</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">knowledge, industry experience, board tenure and culture.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Regarding the committee responsible for governance, we will consider recommending that shareholders vote</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">against the following:</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">24</sup></font></div>

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<table id="z779088987b1f4338804e6a4510d4684c" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">1.</td>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the governance committee</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">25</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">during whose tenure a shareholder proposal relating to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">important shareholder rights received support from a majority of the votes cast (excluding abstentions</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and broker non-votes) and the board has not begun to implement or enact the proposal&#8217;s subject</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">matter.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">26</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Examples of such shareholder proposals include those seeking a declassified board structure,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a majority vote standard for director elections, or a right to call a special meeting. In determining</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">whether a board has sufficiently implemented such a proposal, we will examine the quality of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">right enacted or proffered by the board for any conditions that may unreasonably interfere with the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholders&#8217; ability to exercise the right (e.g., overly restrictive procedural requirements for calling</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a special meeting).</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">23</div>
</td>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In all other instances (i.e., a non-compensation-related shareholder proposal should have been implemented) we recommend that shareholders vote</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">against the members of the governance committee.</font></div>
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<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">24</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">As discussed in the guidelines section labeled &#8220;Committee Chair,&#8221; where we would recommend to vote against the committee chair but the chair is not</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">up for election because the board is staggered, we do not recommend voting against any members of the committee who are up for election; rather, we</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">will note the concern with regard to the committee chair.</font></div>
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<table id="z19a369b346514951b14582e05d6591a8" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">25</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">If the board does not have a committee responsible for governance oversight and the board did not implement a shareholder proposal that received</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the requisite support, we will recommend voting against the entire board. If the shareholder proposal at issue requested that the board adopt a declassified</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">structure, we will recommend voting against all director nominees up for election.</font></div>
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<table id="zf90ece33685f47fd80ace51655b39650" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">26</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Where a compensation-related shareholder proposal should have been implemented, and when a reasonable analysis suggests that the members of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the compensation committee (rather than the governance committee) bear the responsibility for failing to implement the request, we recommend that</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholders only vote against members of the compensation committee.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">12</div>

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<table id="ze440241bac95489197255bdad1508d43" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">2.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The governance committee chair,</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">27</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">when the chair is not independent and an independent lead or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">presiding director has not been appointed.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">28</sup></font></div>
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<table id="zc11750c998804f98a9300ef3b7d2f8c4" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 29pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">3.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In the absence of a nominating committee, the governance committee chair when there are less than</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">five or the whole nominating committee when there are more than 20 members on the board.</font></div>
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<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">4.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The governance committee chair, when the committee fails to meet at all during the year.</div>
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<td style="WIDTH: 29pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">5.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The governance committee chair, when for two consecutive years the company provides what we</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">consider to be &#8220;inadequate&#8221; related party transaction disclosure (i.e., the nature of such transactions</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and/or the monetary amounts involved are unclear or excessively vague, thereby preventing a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholder from being able to reasonably interpret the independence status of multiple directors</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">above and beyond what the company maintains is compliant with SEC or applicable stock exchange</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">listing requirements).</font></div>
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<table id="z2aa353abd33746a89b555fda2b2c583e" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 29pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">6.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The governance committee chair, when during the past year the board adopted a forum selection</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">clause (i.e., an exclusive forum provision)</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">29</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">without shareholder approval, or, if the board is currently</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">seeking shareholder approval of a forum selection clause pursuant to a bundled bylaw amendment</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">rather than as a separate proposal.</font></div>
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<table id="z39620f76692d417caf825e83f344d040" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 29pt"></td>
<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">7.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the governance committee during whose tenure the board adopted, without</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholder approval, provisions in its charter or bylaws that, through rules on director compensation,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">may inhibit the ability of shareholders to nominate directors.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In addition, we may recommend that shareholders vote against the chair of the governance committee, or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the entire committee, where the board has amended the company&#8217;s governing documents to reduce or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">remove important shareholder rights, or to otherwise impede the ability of shareholders to exercise such</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">right, and has done so without seeking shareholder approval. Examples of board actions that may cause such</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a recommendation include: the elimination of the ability of shareholders to call a special meeting or to act by</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">written consent; an increase to the ownership threshold required for shareholders to call a special meeting; an</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">increase to vote requirements for charter or bylaw amendments; the adoption of provisions that limit the ability</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of shareholders to pursue full legal recourse&#8212;such as bylaws that require arbitration of shareholder claims or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">that require shareholder plaintiffs to pay the company&#8217;s legal expenses in the absence of a court victory (i.e.,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8220;fee-shifting&#8221; or &#8220;loser pays&#8221; bylaws); the adoption of a classified board structure; and the elimination of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">ability of shareholders to remove a director without cause.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Regarding the nominating committee, we will consider recommending that shareholders vote against</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the following:</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">30</sup></font></div>

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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All members of the nominating committee, when the committee nominated or renominated</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">an individual who had a significant conflict of interest or whose past actions demonstrated a lack of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">integrity or inability to represent shareholder interests.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">2.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The nominating committee chair, if the nominating committee did not meet during the year.</div>
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<table id="zc1b9168353c54de5a617b1b0deed9636" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">27</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">As discussed in the guidelines section labeled &#8220;Committee Chair,&#8221; if the committee chair is not specified, we recommend voting against the director</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">who has been on the committee the longest. If the longest-serving committee member cannot be determined, we will recommend voting against the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">longest-serving board member serving on the committee.</font></div>
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<div>
<table id="zf391c840065c4fc293434656d16ad02e" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">28</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe that one independent individual should be appointed to serve as the lead or presiding director. When such a position is rotated among</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">directors from meeting to meeting, we will recommend voting against the governance committee chair as we believe the lack of fixed lead or presiding</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">director means that, effectively, the board does not have an independent board leader.</font></div>
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<div>
<table id="z331e99e28fbb4f52af125883591d93d1" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">29</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A forum selection clause is a bylaw provision stipulating that a certain state, typically where the company is incorporated, which is most often</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Delaware, shall be the exclusive forum for all intra-corporate disputes (e.g., shareholder derivative actions, assertions of claims of a breach of fiduciary duty,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">etc.). Such a clause effectively limits a shareholder&#8217;s legal remedy regarding appropriate choice of venue and related relief offered under that state&#8217;s laws</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and rulings.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">30</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">As discussed in the guidelines section labeled &#8220;Committee Chair,&#8221; where we would recommend to vote against the committee chair but the chair is not</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">up for election because the board is staggered, we do not recommend voting against any members of the committee who are up for election; rather, we</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">will note the concern with regard to the committee chair.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In the absence of a governance committee, the nominating committee chair</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">31</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">when the chair is not</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">independent, and an independent lead or presiding director has not been appointed.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">32</sup></font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The nominating committee chair, when there are less than five or the whole nominating committee</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">when there are more than 20 members on the board.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">33</sup></font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The nominating committee chair, when a director received a greater than 50% against vote the prior</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">year and not only was the director not removed, but the issues that raised shareholder concern were</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">not corrected.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">34</sup></font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In addition, we may consider recommending shareholders vote against the chair of the nominating committee</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">where the board&#8217;s failure to ensure the board has directors with relevant experience, either through periodic</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">director assessment or board refreshment, has contributed to a company&#8217;s poor performance.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">BOARD-LEVEL RISK MANAGEMENT OVERSIGHT</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis evaluates the risk management function of a public company board on a strictly case-by-case</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">basis. Sound risk management, while necessary at all companies, is particularly important at financial firms</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">which inherently maintain significant exposure to financial risk. We believe such financial firms should have</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a chief risk officer reporting directly to the board and a dedicated risk committee or a committee of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">board charged with risk oversight. Moreover, many non-financial firms maintain strategies which involve a high</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">level of exposure to financial risk. Similarly, since many non-financial firms have complex hedging or trading</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">strategies, those firms should also have a chief risk officer and a risk committee.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Our views on risk oversight are consistent with those expressed by various regulatory bodies. In its December</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">2009 Final Rule release on Proxy Disclosure Enhancements, the SEC noted that risk oversight is a key competence</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the board and that additional disclosures would improve investor and shareholder understanding of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">role of the board in the organization&#8217;s risk management practices. The final rules, which became effective on</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">February 28, 2010, now explicitly require companies and mutual funds to describe (while allowing for some</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">degree of flexibility) the board&#8217;s role in the oversight of risk.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">When analyzing the risk management practices of public companies, we take note of any significant losses</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or write-downs on financial assets and/or structured transactions. In cases where a company has disclosed a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">sizable loss or write down, and where we find that the company&#8217;s board-level risk committee&#8217;s poor oversight</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">contributed to the loss, we will recommend that shareholders vote against such committee members on</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">that basis. In addition, in cases where a company maintains a significant level of financial risk exposure but</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">fails to disclose any explicit form of board-level risk oversight (committee or otherwise)</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">35</sup></font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">, we will consider</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">recommending to vote against the board chair on that basis. However, we generally would not recommend</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting against a combined chair/CEO, except in egregious cases.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ENVIRONMENTAL AND SOCIAL RISK OVERSIGHT</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Companies face significant financial, legal and reputational risks resulting from poor environmental and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">social practices, or negligent oversight thereof. Therefore, Glass Lewis views the identification, mitigation <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and management of environmental and social risks as integral components when evaluating a company&#8217;s</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">overall risk exposure. We believe boards should ensure that management conducts a complete risk analysis</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of company operations, including those that have environmental and social implications. Directors should</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">monitor management&#8217;s performance in managing and mitigating these environmental and social risks in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">order to eliminate or minimize the risks to the company and its shareholders. In cases where the board or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">management has failed to sufficiently identify and manage a material environmental or social risk that did or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">could negatively impact shareholder value, we will recommend shareholders vote against directors responsible</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">for risk oversight in consideration of the nature of the risk and the potential effect on shareholder value.</font></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">As discussed under the section labeled &#8220;Committee Chair,&#8221; if the committee chair is not specified, we will recommend voting against the director who</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">has been on the committee the longest. If the longest-serving committee member cannot be determined, we will recommend voting against the longest-serving board member on the committee.</font></div>
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<table id="zea972a47f0c6420f82d9e9d3c3c32359" class="DSPFListTable" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In the absence of both a governance and a nominating committee, we will recommend voting against the board chair on this basis, unless if the chair</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">also serves as the CEO, in which case we will recommend voting against the longest-serving director.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In the absence of both a governance and a nominating committee, we will recommend voting against the board chair on this basis, unless if the chair</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">also serves as the CEO, in which case we will recommend voting against the the longest-serving director.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Considering that shareholder discontent clearly relates to the director who received a greater than 50% against vote rather than the nominating chair,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">we review the severity of the issue(s) that initially raised shareholder concern as well as company responsiveness to such matters, and will only recommend</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting against the nominating chair if a reasonable analysis suggests that it would be most appropriate. In rare cases, we will consider recommending</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">against the nominating chair when a director receives a substantial (i.e., 25% or more) vote against based on the same analysis.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A committee responsible for risk management could be a dedicated risk committee, the audit committee, or the finance committee, depending on a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">given company&#8217;s board structure and method of disclosure. At some companies, the entire board is charged with risk management.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">DIRECTOR COMMITMENTS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe that directors should have the necessary time to fulfill their duties to shareholders. In our view, an</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">overcommitted director can pose a material risk to a company&#8217;s shareholders, particularly during periods of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">crisis. In addition, recent research indicates that the time commitment associated with being a director has</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">been on a significant upward trend in the past decade.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">36</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">As a result, we generally recommend that shareholders</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">vote against a director who serves as an executive officer of any public company while serving on more than</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">two public company boards and any other director who serves on more than five public company boards.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Because we believe that executives will primarily devote their attention to executive duties, we generally will</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">not recommend that shareholders vote against overcommitted directors at the companies where they serve</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">as an executive.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">When determining whether a director&#8217;s service on an excessive number of boards may limit the ability of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the director to devote sufficient time to board duties, we may consider relevant factors such as the size and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">location of the other companies where the director serves on the board, the director&#8217;s board roles at the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">companies in question, whether the director serves on the board of any large privately-held companies, the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">director&#8217;s tenure on the boards in question, and the director&#8217;s attendance record at all companies.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We may also refrain from recommending against certain directors if the company provides sufficient rationale</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">for their continued board service. The rationale should allow shareholders to evaluate the scope of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">directors&#8217; other commitments, as well as their contributions to the board including specialized knowledge</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the company&#8217;s industry, strategy or key markets, the diversity of skills, perspective and background they</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">provide, and other relevant factors. We will also generally refrain from recommending to vote against a director</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">who serves on an excessive number of boards within a consolidated group of companies or a director that</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">represents a firm whose sole purpose is to manage a portfolio of investments which include the company.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">OTHER CONSIDERATIONS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In addition to the three key characteristics &#8211; independence, performance, experience &#8211; that we use to evaluate</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">board members, we consider conflict-of-interest issues as well as the size of the board of directors when</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">making voting recommendations.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Conflicts</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Interest</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe board members should be wholly free of identifiable and substantial conflicts of interest, regardless</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the overall level of independent directors on the board. Accordingly, we recommend that shareholders vote</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">against the following types of directors:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A CFO who is on the board: In our view, the CFO holds a unique position relative to financial reporting</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and disclosure to shareholders. Due to the critical importance of financial disclosure and reporting,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">we believe the CFO should report to the board and not be a member of it.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">For example, the 2015-2016 NACD Public Company Governance Survey states that, on average, directors spent a total of 248.2 hours annual on</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">board-related matters during the past year, which it describes as a &#8220;historically high level&#8221; that is significantly above the average hours recorded in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">2006. Additionally, the 2015 Spencer Stuart Board Index indicates that the average number of outside board seats held by CEOs of S&amp;P 500 companies is 0.6, down from 0.7 in 2009 and 0.9 in 2004.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A director who provides &#8212; or a director who has an immediate family member who provides &#8212;</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">material consulting or other material professional services to the company. These services may include</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">legal, consulting, or financial services. We question the need for the company to have consulting</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">relationships with its directors. We view such relationships as creating conflicts for directors, since</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">they may be forced to weigh their own interests against shareholder interests when making board</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">decisions. In addition, a company&#8217;s decisions regarding where to turn for the best professional</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">services may be compromised when doing business with the professional services firm of one of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company&#8217;s directors.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A director, or a director who has an immediate family member, engaging in airplane, real estate, or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">similar deals, including perquisite-type grants from the company, amounting to more than $50,000.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Directors who receive these sorts of payments from the company will have to make unnecessarily</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">complicated decisions that may pit their interests against shareholder interests.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Interlocking directorships: CEOs or other top executives who serve on each other&#8217;s boards create</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">an interlock that poses conflicts that should be avoided to ensure the promotion of shareholder</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">interests above all else.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">37</sup></font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All board members who served at a time when a poison pill with a term of longer than one year</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">was adopted without shareholder approval within the prior twelve months.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">38</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In the event a board</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">is classified and shareholders are therefore unable to vote against all directors, we will recommend</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting against the remaining directors the next year they are up for a shareholder vote. If a poison</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">pill with a term of one year or less was adopted without shareholder approval, and without adequate</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">justification, we will consider recommending that shareholders vote against all members of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">governance committee. If the board has, without seeking shareholder approval, and without adequate</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">justification, extended the term of a poison pill by one year or less in two consecutive years, we will</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">consider recommending that shareholders vote against the entire board.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Size</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Board</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Directors</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">While we do not believe there is a universally applicable optimum board size, we do believe boards should have</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">at least five directors to ensure sufficient diversity in decision-making and to enable the formation of key board</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">committees with independent directors. Conversely, we believe that boards with more than 20 members will</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">typically suffer under the weight of &#8220;too many cooks in the kitchen&#8221; and have difficulty reaching consensus and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">making timely decisions. Sometimes the presence of too many voices can make it difficult to draw on the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">wisdom and experience in the room by virtue of the need to limit the discussion so that each voice may be</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">heard.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">To that end, we typically recommend voting against the nominating committee chair (or the governance</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">committee, in the absence of a nominating committee) at a board with fewer than five directors or more than</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">20 directors.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">39</sup></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">CONTROLLED COMPANIES</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe controlled companies warrant certain exceptions to our independence standards. The board&#8217;s</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">function is to protect shareholder interests; however, when an individual, entity (or group of shareholders party</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to a formal agreement) owns more than 50% of the voting shares, the interests of the majority of shareholders</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">are the interests of that entity or individual. Consequently, Glass Lewis does not apply our usual two-thirds</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">board independence rule and therefore we will not recommend voting against boards whose composition</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">reflects the makeup of the shareholder population.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We do not apply a look-back period for this situation. The interlock policy applies to both public and private companies. We will also evaluate multiple</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">board interlocks among non-insiders (i.e., multiple directors serving on the same boards at other companies), for evidence of a pattern of poor oversight.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Refer to Section V. Governance Structure and the Shareholder Franchise for further discussion of our policies regarding anti-takeover measures,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">including poison pills.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Conference Board, at p. 23 in its May 2003 report &#8220;Corporate Governance Best Practices, Id.,&#8221; quotes one of its roundtable participants as stating,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8220;[w]hen you&#8217;ve got a 20 or 30 person corporate board, it&#8217;s one way of assuring that nothing is ever going to happen that the CEO doesn&#8217;t want to happen.&#8221;</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Independence</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Exceptions</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The independence exceptions that we make for controlled companies are as follows:</div>

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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">1.</td>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We do not require that controlled companies have boards that are at least two-thirds independent.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">So long as the insiders and/or affiliates are connected with the controlling entity, we accept the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">presence of non-independent board members.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The compensation committee and nominating and governance committees do not need to consist</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">solely of independent directors.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe that standing nominating and corporate governance committees at controlled</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">companies are unnecessary. Although having a committee charged with the duties of searching</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">for, selecting, and nominating independent directors can be beneficial, the unique composition</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of a controlled company&#8217;s shareholder base makes such committees weak and irrelevant.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Likewise, we believe that independent compensation committees at controlled companies are</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">unnecessary. Although independent directors are the best choice for approving and monitoring</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">senior executives&#8217; pay, controlled companies serve a unique shareholder population whose</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting power ensures the protection of its interests. As such, we believe that having affiliated</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">directors on a controlled company&#8217;s compensation committee is acceptable. However, given</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">that a controlled company has certain obligations to minority shareholders we feel that an</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">insider should not serve on the compensation committee. Therefore, Glass Lewis will recommend</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting against any insider (the CEO or otherwise) serving on the compensation committee.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">3.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Controlled companies do not need an independent chair or an independent lead or presiding director.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Although an independent director in a position of authority on the board &#8211; such as chair or presiding</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">director &#8212; can best carry out the board&#8217;s duties, controlled companies serve a unique shareholder</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">population whose voting power ensures the protection of its interests.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Size</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Board</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Directors</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">We have no board size requirements for controlled companies.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Audit</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Committee</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Independence</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Despite a controlled company&#8217;s status, unlike for the other key committees, we nevertheless believe that</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">audit committees should consist solely of independent directors. Regardless of a company&#8217;s controlled status,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the interests of all shareholders must be protected by ensuring the integrity and accuracy of the company&#8217;s</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">financial statements. Allowing affiliated directors to oversee the preparation of financial reports could create</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">an insurmountable conflict of interest.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">SIGNIFICANT SHAREHOLDERS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Where an individual or entity holds between 20-50% of a company&#8217;s voting power, we believe it is reasonable</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to allow proportional representation on the board and committees (excluding the audit committee) based on</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the individual or entity&#8217;s percentage of ownership.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">GOVERNANCE FOLLOWING AN IPO OR SPIN-OFF</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe companies that have recently completed an initial public offering (&#8220;IPO&#8221;) or spin-off should be</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">allowed adequate time to fully comply with marketplace listing requirements and meet basic corporate</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">governance standards. Generally speaking, Glass Lewis refrains from making recommendations on the basis of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">governance standards (e.g., board independence, committee membership and structure, meeting attendance,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">etc.) during the one-year period following an IPO.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">However, some cases warrant shareholder action against the board of a company that have completed an</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">IPO or spin-off within the past year. When evaluating companies that have recently gone public, Glass Lewis</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">will review the terms of the applicable governing documents in order to determine whether shareholder</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">rights are being severely restricted indefinitely. We believe boards that approve highly restrictive governing</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">documents have demonstrated that they may subvert shareholder interests following the IPO. In conducting</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">this evaluation, Glass Lewis will consider:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">1.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The adoption of anti-takeover provisions such as a poison pill or classified board</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Supermajority vote requirements to amend governing documents</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The presence of exclusive forum or fee-shifting provisions</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Whether shareholders can call special meetings or act by written consent</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The voting standard provided for the election of directors</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The ability of shareholders to remove directors without cause</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The presence of evergreen provisions in the Company&#8217;s equity compensation arrangements</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In cases where a board adopts an anti-takeover provision preceding an IPO, we will consider recommending</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to vote against the members of the board who served when it was adopted if the board: (i) did not also</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">commit to submit the anti-takeover provision to a shareholder vote at the company&#8217;s first shareholder meeting</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">following the IPO; or (ii) did not provide a sound rationale or sunset provision for adopting the anti-takeover</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">provision in question.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In our view, adopting an anti-takeover device unfairly penalizes future shareholders who (except for electing</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to buy or sell the stock) are unable to weigh in on a matter that could potentially negatively impact their</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">ownership interest. This notion is strengthened when a board adopts a classified board with an infinite duration</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or a poison pill with a five- to ten-year term immediately prior to going public, thereby insulated management</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">for a substantial amount of time.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In addition, shareholders should be wary of companies that adopt supermajority voting requirements before</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">their IPO. Absent explicit provisions in the articles or bylaws stipulating that certain policies will be phased out</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">over a certain period of time, long-term shareholders could find themselves in the predicament of having to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">attain a supermajority vote to approve future proposals seeking to eliminate such policies.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">DUAL-LISTED OR FOREIGN-INCORPORATED COMPANIES</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">For companies that trade on multiple exchanges or are incorporated in foreign jurisdictions but trade only in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the U.S., we will apply the governance standard most relevant in each situation. We will consider a number of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">factors in determining which Glass Lewis country-specific policy to apply, including but not limited to: (i) the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">corporate governance structure and features of the company including whether the board structure is unique</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to a particular market; (ii) the nature of the proposals; (iii) the location of the company&#8217;s primary listing, if</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">one can be determined; (iv) the regulatory/governance regime that the board is reporting against; and (v) the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">availability and completeness of the company&#8217;s SEC filings.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">MUTUAL FUND BOARDS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Mutual funds, or investment companies, are structured differently from regular public companies (i.e., operating</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">companies). Typically, members of a fund&#8217;s adviser are on the board and management takes on a different role</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">from that of regular public companies. Thus, we focus on a short list of requirements, although many of our</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">guidelines remain the same.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The following mutual fund policies are similar to the policies for regular public companies:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">1.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Size</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">board</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">directors</font> &#8212; The board should be made up of between five and twenty directors.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">The</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">CFO</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">on</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">the</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">board</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; Neither the CFO of the fund nor the CFO of the fund&#8217;s registered investment</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">adviser should serve on the board.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Independence</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">of</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">the</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">audit</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">committee</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; The audit committee should consist solely of independent</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">directors.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Audit</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">committee</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">financial</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">expert</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; At least one member of the audit committee should be</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">designated as the audit committee financial expert.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The following differences from regular public companies apply at mutual funds:</div>

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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">1.</td>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Independence</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">of</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">the</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">board</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; We believe that three-fourths of an investment company&#8217;s board should</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">be made up of independent directors. This is consistent with a proposed SEC rule on investment</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company boards. The Investment Company Act requires 40% of the board to be independent, but</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">in 2001, the SEC amended the Exemptive Rules to require that a majority of a mutual fund board be</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">independent. In 2005, the SEC proposed increasing the independence threshold to 75%. In 2006,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a federal appeals court ordered that this rule amendment be put back out for public comment,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">putting it back into &#8220;proposed rule&#8221; status. Since mutual fund boards play a vital role in overseeing</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the relationship between the fund and its investment manager, there is greater need for independent</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">oversight than there is for an operating company board.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">When</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">the</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">auditor</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">is</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">not</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">up</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">for</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ratification</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; We do not recommend voting against the audit committee</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">if the auditor is not up for ratification. Due to the different legal structure of an investment company</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">compared to an operating company, the auditor for the investment company (i.e., mutual fund)</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">does not conduct the same level of financial review for each investment company as for an</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">operating company.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Non-independent</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">chair</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; The SEC has proposed that the chair of the fund board be independent.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We agree that the roles of a mutual fund&#8217;s chair and CEO should be separate. Although we believe this</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">would be best at all companies, we recommend voting against the chair of an investment company&#8217;s</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">nominating committee as well as the board chair if the chair and CEO of a mutual fund are the same</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">person and the fund does not have an independent lead or presiding director. Seven former SEC</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">commissioners support the appointment of an independent chair and we agree with them that &#8220;an</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">independent board chair would be better able to create conditions favoring the long-term interests</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of fund shareholders than would a chair who is an executive of the adviser.&#8221; (See the comment letter</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">sent to the SEC in support of the proposed rule at </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">http://www.sec.gov/news/studies/indchair.pdf</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">4.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Multiple</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">funds</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">overseen</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">by</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">the</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">same</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">director</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; Unlike service on a public company board, mutual</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">fund boards require much less of a time commitment. Mutual fund directors typically serve on</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">dozens of other mutual fund boards, often within the same fund complex. The Investment Company</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Institute&#8217;s (&#8220;ICI&#8221;) Overview of Fund Governance Practices, 1994-2012, indicates that the average</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">number of funds served by an independent director in 2012 was 53. Absent evidence that a specific</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">director is hindered from being an effective board member at a fund due to service on other funds&#8217;</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">boards, we refrain from maintaining a cap on the number of outside mutual fund boards that we</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">believe a director can serve on.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis favors the repeal of staggered boards and the annual election of directors. We believe staggered</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">boards are less accountable to shareholders than boards that are elected annually. Furthermore, we feel the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">annual election of directors encourages board members to focus on shareholder interests.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Empirical studies have shown: (i) staggered boards are associated with a reduction in a firm&#8217;s valuation; and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">(ii) in the context of hostile takeovers, staggered boards operate as a takeover defense, which entrenches</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">management, discourages potential acquirers, and delivers a lower return to target shareholders.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In our view, there is no evidence to demonstrate that staggered boards improve shareholder returns in a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">takeover context. Some research has indicated that shareholders are worse off when a staggered board blocks</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a transaction; further, when a staggered board negotiates a friendly transaction, no statistically significant</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">difference in premium occurs.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">40</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Additional research found that charter-based staggered boards &#8220;reduce the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">market value of a firm by 4% to 6% of its market capitalization&#8221; and that &#8220;staggered boards bring about and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">not merely reflect this reduction in market value.&#8221;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">41</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A subsequent study reaffirmed that classified boards</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">reduce shareholder value, finding &#8220;that the ongoing process of dismantling staggered boards, encouraged by</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">institutional investors, could well contribute to increasing shareholder wealth.&#8221;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">42</sup></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Shareholders have increasingly come to agree with this view. In 2013, 91% of S&amp;P 500 companies had declassified</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">boards, up from approximately 40% a decade ago.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">43</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Management proposals to declassify boards are approved</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">with near unanimity and shareholder proposals on the topic also receive strong shareholder support; in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">2014, shareholder proposals requesting that companies declassify their boards received average support of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">84% (excluding abstentions and broker non-votes), whereas in 1987, only 16.4% of votes cast favored board</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">declassification.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">44</sup> </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Further, a growing number of companies, nearly half of all those targeted by shareholder</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">proposals requesting that all directors stand for election annually, either recommended shareholders support</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the proposal or made no recommendation, a departure from the more traditional management recommendation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to vote against shareholder proposals.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Given our belief that declassified boards promote director accountability, the empirical evidence suggesting</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">staggered boards reduce a company&#8217;s value and the established shareholder opposition to such a structure,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis supports the declassification of boards and the annual election of directors.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">BOARD EVALUATION AND REFRESHMENT</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis strongly supports routine director evaluation, including independent external reviews, and periodic</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">board refreshment to foster the sharing of diverse perspectives in the boardroom and the generation of new</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">ideas and business strategies. Further, we believe the board should evaluate the need for changes to board</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">composition based on an analysis of skills and experience necessary for the company, as well as the results of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the director evaluations, as opposed to relying solely on age or tenure limits. When necessary, shareholders</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">can address concerns regarding proper board composition through director elections.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In our view, a director&#8217;s experience can be a valuable asset to shareholders because of the complex, critical</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">issues that boards face. This said, we recognize that in rare circumstances, a lack of refreshment can contribute</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to a lack of board responsiveness to poor company performance.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">On occasion, age or term limits can be used as a means to remove a director for boards that are unwilling</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to police their membership and enforce turnover. Some shareholders support term limits as a way to force</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">change in such circumstances.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">While we understand that age limits can aid board succession planning, the long-term impact of age limits</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">restricts experienced and potentially valuable board members from service through an arbitrary means. We</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">believe that shareholders are better off monitoring the board&#8217;s overall composition, including its diversity of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">skill sets, the alignment of the board&#8217;s areas of expertise with a company&#8217;s strategy, the board&#8217;s approach to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">corporate governance, and its stewardship of company performance, rather than imposing inflexible rules that</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">don&#8217;t necessarily correlate with returns or benefits for shareholders.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Lucian Bebchuk, John Coates IV, Guhan Subramanian, &#8220;The Powerful Antitakeover Force of Staggered Boards: Further Findings and a Reply to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Symposium Participants,&#8221; 55 Stanford Law Review 885-917 (2002).</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Lucian Bebchuk, Alma Cohen, &#8220;The Costs of Entrenched Boards&#8221; (2004).</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Lucian Bebchuk, Alma Cohen and Charles C.Y. Wang, &#8220;Staggered Boards and the Wealth of Shareholders: Evidence from a Natural Experiment,&#8221;</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">SSRN: http://ssrn.com/abstract=1706806 (2010), p. 26.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Spencer Stuart Board Index, 2013, p. 4</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Lucian Bebchuk, John Coates IV and Guhan Subramanian, &#8220;The Powerful Antitakeover Force of Staggered Boards: Theory, Evidence, and Policy&#8221;.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">However, if a board adopts term/age limits, it should follow through and not waive such limits. If the board</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">waives its term/age limits, Glass Lewis will consider recommending shareholders vote against the nominating</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and/or governance committees, unless the rule was waived with sufficient explanation, such as consummation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of a corporate transaction like a merger.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">PROXY ACCESS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In lieu of running their own contested election, proxy access would not only allow certain shareholders</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to nominate directors to company boards but the shareholder nominees would be included on the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company&#8217;s ballot, significantly enhancing the ability of shareholders to play a meaningful role in selecting</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">their representatives. Glass Lewis generally supports affording shareholders the right to nominate director</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">candidates to management&#8217;s proxy as a means to ensure that significant, long-term shareholders have an</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">ability to nominate candidates to the board.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Companies generally seek shareholder approval to amend company bylaws to adopt proxy access in response</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to shareholder engagement or pressure, usually in the form of a shareholder proposal requesting proxy</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">access, although some companies may adopt some elements of proxy access without prompting. Glass Lewis</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">considers several factors when evaluating whether to support proposals for companies to adopt proxy access</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">including the specified minimum ownership and holding requirement for shareholders to nominate one or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">more directors, as well as company size, performance and responsiveness to shareholders.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">For a discussion of recent regulatory events in this area, along with a detailed overview of the Glass Lewis</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">approach to Shareholder Proposals regarding Proxy Access, refer to Glass Lewis&#8217; </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Proxy</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Paper</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Guidelines</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">for</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Shareholder</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Initiatives</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">, available at </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">www.glasslewis.com</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">MAJORITY VOTE FOR THE ELECTION OF DIRECTORS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Majority voting for the election of directors is fast becoming the de facto standard in corporate board elections.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In our view, the majority voting proposals are an effort to make the case for shareholder impact on director</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">elections on a company-specific basis.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">While this proposal would not give shareholders the opportunity to nominate directors or lead to elections</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">where shareholders have a choice among director candidates, if implemented, the proposal would allow</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholders to have a voice in determining whether the nominees proposed by the board should actually</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">serve as the overseer-representatives of shareholders in the boardroom. We believe this would be a favorable</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">outcome for shareholders.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The number of shareholder proposals requesting that companies adopt a majority voting standard has declined</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">significantly during the past decade, largely as a result of widespread adoption of majority voting or director</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">resignation policies at U.S. companies. In 2015, 86% of the S&amp;P 500 Index had implemented a resignation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">policy for directors failing to receive majority shareholder support, compared to 71% in 2010.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">45</sup></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">THE PLURALITY VOTE STANDARD</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Today, most US companies still elect directors by a plurality vote standard. Under that standard, if one</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholder holding only one share votes in favor of a nominee (including that director, if the director is a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholder), that nominee &#8220;wins&#8221; the election and assumes a seat on the board. The common concern among</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">companies with a plurality voting standard is the possibility that one or more directors would not receive a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">majority of votes, resulting in &#8220;failed elections.&#8221;</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ADVANTAGES OF A MAJORITY VOTE STANDARD</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">If a majority vote standard were implemented, a nominee would have to receive the support of a majority of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the shares voted in order to be elected. Thus, shareholders could collectively vote to reject a director they <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">believe will not pursue their best interests. Given that so few directors (less than 100 a year) do not receive</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">majority support from shareholders, we think that a majority vote standard is reasonable since it will neither</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">result in many failed director elections nor reduce the willingness of qualified, shareholder-focused directors</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to serve in the future. Further, most directors who fail to receive a majority shareholder vote in favor of their</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">election do not step down, underscoring the need for true majority voting.</font></font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe that a majority vote standard will likely lead to more attentive directors. Although shareholders</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">only rarely fail to support directors, the occasional majority vote against a director&#8217;s election will likely deter</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the election of directors with a record of ignoring shareholder interests. Glass Lewis will therefore generally</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">support proposals calling for the election of directors by a majority vote, excepting contested director elections.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In response to the high level of support majority voting has garnered, many companies have voluntarily taken</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">steps to implement majority voting or modified approaches to majority voting. These steps range from a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">modified approach requiring directors that receive a majority of withheld votes to resign (i.e., a resignation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">policy) to actually requiring a majority vote of outstanding shares to elect directors.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We feel that the modified approach does not go far enough because requiring a director to resign is not the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">same as requiring a majority vote to elect a director and does not allow shareholders a definitive voice in the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">election process. Further, under the modified approach, the corporate governance committee could reject</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a resignation and, even if it accepts the resignation, the corporate governance committee decides on the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">director&#8217;s replacement. And since the modified approach is usually adopted as a policy by the board or a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">board committee, it could be altered by the same board or committee at any time.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">CONFLICTING PROPOSALS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">On January 16, 2015, the SEC announced that for the 2015 proxy season it would not opine on the application</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of Rule 14a-8(i)(9) that allows companies to exclude shareholder proposals, including those seeking proxy</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">access, that conflict with a management proposal on the same issue. While the announcement did not render</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the rule ineffective, a number of companies opted not to exclude a shareholder proposal but rather to allow</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholders a vote on both management and shareholder proposals on the same issue, generally proxy</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">access. The management proposals typically imposed more restrictive terms than the shareholder proposal</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">in order to exercise the particular shareholder right at issue, e.g., a higher proxy access ownership threshold.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">On October 22, 2015, the SEC issued Staff Legal Bulletin No. 14H (&#8220;SLB 14H&#8221;) clarifying its rule concerning the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">exclusion of certain shareholder proposals when similar items are also on the ballot. SLB 14H increases the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">burden on companies to prove to SEC staff that a conflict exists; therefore, some companies may still choose</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to place management proposals alongside similar shareholder proposals in the coming year.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">When Glass Lewis reviews conflicting management and shareholder proposals, we will consider the following:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The benefit to shareholders from implementation of the proposal;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The materiality of the differences between the terms of the shareholder proposal and management</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">proposal;</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The appropriateness of the provisions in the context of a company&#8217;s shareholder base, corporate</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">structure and other relevant circumstances; and</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A company&#8217;s overall governance profile and, specifically, its responsiveness to shareholders as evidenced by a company&#8217;s response to previous shareholder proposals and its adoption of progressive</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholder rights provisions.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">AUDITOR RATIFICATION</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The auditor&#8217;s role as gatekeeper is crucial in ensuring the integrity and transparency of the financial information</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">necessary for protecting shareholder value. Shareholders rely on the auditor to ask tough questions and to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">do a thorough analysis of a company&#8217;s books to ensure that the information provided to shareholders is</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">complete, accurate, fair, and that it is a reasonable representation of a company&#8217;s financial position. The only</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">way shareholders can make rational investment decisions is if the market is equipped with accurate information</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">about a company&#8217;s fiscal health. As stated in the October 6, 2008 Final Report of the Advisory Committee on</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the Auditing Profession to the U.S. Department of the Treasury:</font></div>

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<div style="MARGIN-LEFT: 27pt"><font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">&#8220;The</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">auditor</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">is</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">expected</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">to</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">offer</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">critical</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">and</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">objective</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">judgment</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">on</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">the</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">financial</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">matters</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">under</font>&#160;<font style="FONT-SIZE: 11pt; FONT-STYLE: italic">consideration,</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">and</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">actual</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">and</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">perceived</font><font style="FONT-SIZE: 11pt">&#160;</font></font><font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">absence</font><font style="FONT-SIZE: 11pt">&#160;</font></font></div>

<div style="MARGIN-LEFT: 27pt"><font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">of</font><font style="FONT-SIZE: 11pt">&#160;</font></font><font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">conflicts</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">is</font><font style="FONT-SIZE: 11pt">&#160;</font></font><font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">critical</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">to</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">that</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">expectation.</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">The</font>&#160;<font style="FONT-SIZE: 11pt; FONT-STYLE: italic">Committee</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">believes</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">that</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">auditors,</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">investors,</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">public</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">companies,</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">and</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">other</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">market</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">participants</font>&#160;</font><font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">must</font><font style="FONT-SIZE: 11pt">&#160;</font></font></div>

<div style="MARGIN-LEFT: 27pt"><font style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic;">u</font><font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">nderstand</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">the</font><font style="FONT-SIZE: 11pt">&#160;</font></font><font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">independence</font><font style="FONT-SIZE: 11pt">&#160;</font></font><font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">requirements</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">and</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">their</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">objectives,</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">and</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">that</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">auditors</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">must</font>&#160;<font style="FONT-SIZE: 11pt; FONT-STYLE: italic">adopt</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">a</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">mindset</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">of</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">skepticism</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">when</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">facing</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">situations</font><font style="FONT-SIZE: 11pt">&#160;</font></font><font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">that</font><font style="FONT-SIZE: 11pt">&#160;</font></font></div>

<div style="MARGIN-LEFT: 27pt"><font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">may</font><font style="FONT-SIZE: 11pt">&#160;</font></font><font style="FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">compromise</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">their</font><font style="FONT-SIZE: 11pt">&#160;</font><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">independence.&#8221;</font></font> </div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">As such, shareholders should demand an objective, competent and diligent auditor who performs at or above</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">professional standards at every company in which the investors hold an interest. Like directors, auditors</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">should be free from conflicts of interest and should avoid situations requiring a choice between the auditor&#8217;s</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">interests and the public&#8217;s interests. Almost without exception, shareholders should be able to annually review</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">an auditor&#8217;s performance and to annually ratify a board&#8217;s auditor selection. Moreover, in October 2008,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the Advisory Committee on the Auditing Profession went even further, and recommended that &#8220;to further</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">enhance audit committee oversight and auditor accountability ... disclosure in the company proxy statement</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">regarding shareholder ratification [should] include the name(s) of the senior auditing partner(s) staffed on</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the engagement.&#8221;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">46</sup></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">On August 16, 2011, the PCAOB issued a Concept Release seeking public comment on ways that auditor</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">independence, objectivity and professional skepticism could be enhanced, with a specific emphasis on</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">mandatory audit firm rotation. The PCAOB convened several public roundtable meetings during 2012 to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">further discuss such matters. Glass Lewis believes auditor rotation can ensure both the independence of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">auditor and the integrity of the audit; we will typically recommend supporting proposals to require auditor</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">rotation when the proposal uses a reasonable period of time (usually not less than 5-7 years), particularly at</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">companies with a history of accounting problems.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">VOTING RECOMMENDATIONS ON AUDITOR RATIFICATION</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We generally support management&#8217;s choice of auditor except when we believe the auditor&#8217;s independence</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or audit integrity has been compromised. Where a board has not allowed shareholders to review and ratify</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">an auditor, we typically recommend voting against the audit committee chair. When there have been material</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">restatements of annual financial statements or material weaknesses in internal controls, we usually recommend</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting against the entire audit committee.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Reasons why we may not recommend ratification of an auditor include:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">When audit fees plus audit-related fees total less than the tax fees and/or other non-audit fees.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Recent material restatements of annual financial statements, including those resulting in the reporting <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of material weaknesses in internal controls and including late filings by the company where the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">auditor bears some responsibility for the restatement or late filing.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">47</sup></font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#8220;Final Report of the Advisory Committee on the Auditing Profession to the U.S. Department of the Treasury.&#8221; p. VIII:20, October 6, 2008.</div>
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<div style="LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">An auditor does not audit interim financial statements. Thus, we generally do not believe that an auditor should be opposed due to a restatement of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">interim financial statements unless the nature of the misstatement is clear from a reading of the incorrect financial statements.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15">3.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">When the auditor performs prohibited services such as tax-shelter work, tax services for the CEO</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or CFO, or contingent-fee work, such as a fee based on a percentage of economic benefit to the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">When audit fees are excessively low, especially when compared with other companies in the same</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">industry.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">When the company has aggressive accounting policies.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">When the company has poor disclosure or lack of transparency in its financial statements.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Where the auditor limited its liability through its contract with the company or the audit contract</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">requires the corporation to use alternative dispute resolution procedures without adequate</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">justification.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We also look for other relationships or concerns with the auditor that might suggest a conflict</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">between the auditor&#8217;s interests and shareholder interests.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">PENSION ACCOUNTING ISSUES</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A pension accounting question occasionally raised in proxy proposals is what effect, if any, projected returns</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">on employee pension assets should have on a company&#8217;s net income. This issue often arises in the executive-compensation context in a discussion of the extent to which pension accounting should be reflected in business</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">performance for purposes of calculating payments to executives.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that pension credits should not be included in measuring income that is used to award</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">performance-based compensation. Because many of the assumptions used in accounting for retirement</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">plans are subject to the company&#8217;s discretion, management would have an obvious conflict of interest if pay</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">were tied to pension income. In our view, projected income from pensions does not truly reflect a company&#8217;s</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">performance.</font></div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif">III. <font style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'">The Link Between Compensation</font></font><font style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'">&#160;and Performance</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis carefully reviews the compensation awarded to senior executives, as we believe that this is an</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">important area in which the board&#8217;s priorities are revealed. Glass Lewis strongly believes executive compensation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">should be linked directly with the performance of the business the executive is charged with managing. We</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">believe the most effective compensation arrangements provide for an appropriate mix of performance-based</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">short- and long-term incentives in addition to fixed pay elements while promoting a prudent and sustainable</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">level of risk-taking.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that comprehensive, timely and transparent disclosure of executive pay is critical to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">allowing shareholders to evaluate the extent to which pay is aligned with company performance. When</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">reviewing proxy materials, Glass Lewis examines whether the company discloses the performance metrics used</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to determine executive compensation. We recognize performance metrics must necessarily vary depending</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">on the company and industry, among other factors, and may include a wide variety of financial measures as</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">well as industry-specific performance indicators. However, we believe companies should disclose why the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">specific performance metrics were selected and how the actions they are designed to incentivize will lead to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">better corporate performance.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Moreover, it is rarely in shareholders&#8217; interests to disclose competitive data about individual salaries below the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">senior executive level. Such disclosure could create internal personnel discord that would be counterproductive</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">for the company and its shareholders. While we favor full disclosure for senior executives and we view pay</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">disclosure at the aggregate level (e.g., the number of employees being paid over a certain amount or in certain</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">categories) as potentially useful, we do not believe share-holders need or will benefit from detailed reports</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">about individual management employees other than the most senior executives.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ADVISORY VOTE ON EXECUTIVE COMPENSATION (&#8220;SAY-ON-PAY&#8221;)</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;) required companies</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to hold an advisory vote on executive compensation at the first shareholder meeting that occurs six months</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">after enactment of the bill (January 21, 2011).</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">This practice of allowing shareholders a non-binding vote on a company&#8217;s compensation report is standard</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">practice in many non-US countries, and has been a requirement for most companies in the United Kingdom</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">since 2003 and in Australia since 2005. Although say-on-pay proposals are non-binding, a high level of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8220;against&#8221; or &#8220;abstain&#8221; votes indicates substantial shareholder concern about a company&#8217;s compensation policies</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and procedures.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Given the complexity of most companies&#8217; compensation programs, Glass Lewis applies a highly nuanced</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">approach when analyzing advisory votes on executive compensation. We review each company&#8217;s compensation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">on a case-by-case basis, recognizing that each company must be examined in the context of industry, size,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">maturity, performance, financial condition, its historic pay for performance practices, and any other relevant</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">internal or external factors.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe that each company should design and apply specific compensation policies and practices that</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">are appropriate to the circumstances of the company and, in particular, will attract and retain competent</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">executives and other staff, while motivating them to grow the company&#8217;s long-term shareholder value.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Where we find those specific policies and practices serve to reasonably align compensation with performance,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and such practices are adequately disclosed, Glass Lewis will recommend supporting the company&#8217;s approach.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">If, however, those specific policies and practices fail to demonstrably link compensation with performance,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis will generally recommend voting against the say-on-pay proposal.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis reviews say-on-pay proposals on both a qualitative basis and a quantitative basis, with a focus on</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">several main areas:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The overall design and structure of the company&#8217;s executive compensation programs including</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">selection and challenging nature of performance metrics;</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The implementation and effectiveness of the company&#8217;s executive compensation programs including</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">pay mix and use of performance metrics in determining pay levels;</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The quality and content of the company&#8217;s disclosure;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The quantum paid to executives; and</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The link between compensation and performance as indicated by the company&#8217;s current and past</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">pay-for-performance grades.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We also review any significant changes or modifications, and the rationale for such changes, made to the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company&#8217;s compensation structure or award amounts, including base salaries.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">SAY-ON-PAY VOTING RECOMMENDATIONS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In cases where we find deficiencies in a company&#8217;s compensation program&#8217;s design, implementation or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">management, we will recommend that shareholders vote against the say-on-pay proposal. Generally such</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">instances include evidence of a pattern of poor pay-for-performance practices (i.e., deficient or failing pay</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">for performance grades), unclear or questionable disclosure regarding the overall compensation structure</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">(e.g., limited information regarding benchmarking processes, limited rationale for bonus performance metrics</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and targets, etc.), questionable adjustments to certain aspects of the overall compensation structure (e.g.,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">limited rationale for significant changes to performance targets or metrics, the payout of guaranteed bonuses</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or sizable retention grants, etc.), and/or other egregious compensation practices.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Although not an exhaustive list, the following issues when weighed together may cause Glass Lewis to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">recommend voting against a say-on-pay vote:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Inappropriate peer group and/or benchmarking issues;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">&#8226;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Inadequate or no rationale for changes to peer groups;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Egregious or excessive bonuses, equity awards or severance payments, including golden handshakes</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and golden parachutes;</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Problematic contractual payments, such as guaranteed bonuses;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Targeting overall levels of compensation at higher than median without adequate justification;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Performance targets not sufficiently challenging, and/or providing for high potential payouts;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Performance targets lowered without justification;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Discretionary bonuses paid when short- or long-term incentive plan targets were not met;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Executive pay high relative to peers not justified by outstanding company performance; and</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The terms of the long-term incentive plans are inappropriate (please see &#8220;Long-Term Incentives&#8221; on</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">page 29).</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In instances where a company has simply failed to provide sufficient disclosure of its policies, we may</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">recommend shareholders vote against this proposal solely on this basis, regardless of the appropriateness of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">compensation levels.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Where we identify egregious compensation practices, we may also recommend voting against the compensation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">committee based on the practices or actions of its members during the year. Such practices may include:</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">approving large one-off payments, the inappropriate, unjustified use of discretion, or sustained poor pay for</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">performance practices.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">COMPANY RESPONSIVENESS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">At companies that received a significant level of shareholder opposition (25% or greater) to their say-on-pay</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">proposal at the previous annual meeting, we believe the board should demonstrate some level of engagement</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and responsiveness to the shareholder concerns behind the discontent, particularly in response to shareholder</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">engagement. While we recognize that sweeping changes cannot be made to a compensation program without</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">due consideration and that a majority of shareholders voted in favor of the proposal, given that the average</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">approval rate for say-on-pay proposals is about 90% we believe the compensation committee should provide</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">some level of response to a significant vote against, including engaging with large shareholders to identify</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">their concerns. In the absence of any evidence that the board is actively engaging shareholders on these issues</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and responding accordingly, we may recommend holding compensation committee members accountable for</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">failing to adequately respond to shareholder opposition, giving careful consideration to the level of shareholder</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">protest and the severity and history of compensation problems.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">PAY FOR PERFORMANCE</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes an integral part of a well-structured compensation package is a successful link between</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">pay and performance. Our proprietary pay-for-performance model was developed to better evaluate the link</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">between pay and performance of the top five executives at US companies. Our model benchmarks these</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">executives&#8217; pay and company performance against peers selected using Equilar&#8217;s market-based peer groups</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and across five performance metrics. By measuring the magnitude of the gap between two weighted-average</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">percentile rankings (executive compensation and performance), we grade companies based on a school letter</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">system: &#8220;A&#8221;, &#8220;B&#8221;, &#8220;F&#8221;, etc. The grades guide our evaluation of compensation committee effectiveness and we</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">generally recommend voting against compensation committee of companies with a pattern of failing our pay-for-performance analysis.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We also use this analysis to inform our voting decisions on say-on-pay proposals. As such, if a company</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">receives a failing grade from our proprietary model, we are more likely to recommend that shareholders</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">vote against the say-on-pay proposal. However, other qualitative factors such as an effective overall incentive</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">structure, the relevance of selected performance metrics, significant forthcoming enhancements or reasonable</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">long-term payout levels may give us cause to recommend in favor of a proposal even when we have identified</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a disconnect between pay and performance.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">SHORT-TERM INCENTIVES</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A short-term bonus or incentive (&#8220;STI&#8221;) should be demonstrably tied to performance. Whenever possible, we</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">believe a mix of corporate and individual performance measures is appropriate. We would normally expect</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">performance measures for STIs to be based on company-wide or divisional financial measures as well as non-financial factors such as those related to safety, environmental issues, and customer satisfaction. While we</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">recognize that companies operating in different sectors or markets may seek to utilize a wide range of metrics,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">we expect such measures to be appropriately tied to a company&#8217;s business drivers.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Further, the target and potential maximum awards that can be achieved under STI awards should be disclosed.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Shareholders should expect stretching performance targets for the maximum award to be achieved. Any</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">increase in the potential target and maximum award should be clearly justified to shareholders.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis recognizes that disclosure of some measures may include commercially confidential information.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Therefore, we believe it may be reasonable to exclude such information in some cases as long as the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company provides sufficient justification for non-disclosure. However, where a short-term bonus has been</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">paid, companies should disclose the extent to which performance has been achieved against relevant targets,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">including disclosure of the actual target achieved.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Where management has received significant STIs but short-term performance over the previous year prima</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">facie appears to be poor or negative, we believe the company should provide a clear explanation of why these</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">significant short-term payments were made. In addition, we believe that where companies use non-GAAP or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">bespoke metrics, clear reconciliations between these figures and GAAP figures in audited financial statement</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">should be provided.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">LONG-TERM INCENTIVES</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis recognizes the value of equity-based incentive programs, which are often the primary long-term</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">incentive for executives. When used appropriately, they can provide a vehicle for linking an executive&#8217;s pay to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company performance, thereby aligning their interests with those of shareholders. In addition, equity-based</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">compensation can be an effective way to attract, retain and motivate key employees.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">There are certain elements that Glass Lewis believes are common to most well-structured long-term incentive</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">(&#8220;LTI&#8221;) plans. These include:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">No re-testing or lowering of performance conditions;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Performance metrics that cannot be easily manipulated by management;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Two or more performance metrics;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">At least one relative performance metric that compares the company&#8217;s performance to a relevant</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">peer group or index;</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Stretching metrics that incentivize executives to strive for outstanding performance while not</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">encouraging excessive risk-taking; and</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Performance measures should be carefully selected and should relate to the specific business/industry in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">which the company operates and, especially, the key value drivers of the company&#8217;s business. As with short-term incentive plans, the basis for any adjustments to metrics or results should be clearly explained.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">While cognizant of the inherent complexity of certain performance metrics, Glass Lewis generally believes</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">that measuring a company&#8217;s performance with multiple metrics serves to provide a more complete picture</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the company&#8217;s performance than a single metric; further, reliance on just one metric may focus too much</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">management attention on a single target and is therefore more susceptible to manipulation. When utilized for</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">relative measurements, external benchmarks such as a sector index or peer group should be disclosed and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">transparent. The rationale behind the selection of a specific index or peer group should also be disclosed.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Internal benchmarks should also be disclosed and transparent, unless a cogent case for confidentiality is made</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and fully explained. Similarly, actual performance and vesting levels for previous grants earned during the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">fiscal year should be disclosed.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We also believe shareholders should evaluate the relative success of a company&#8217;s compensation programs,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">particularly with regard to existing equity-based incentive plans, in linking pay and performance when evaluating</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">new LTI plans to determine the impact of additional stock awards. We will therefore review the company&#8217;s <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">pay-for-performance grade (see below for more information) and specifically the proportion of total</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">compensation that is stock-based.</font></font></div>

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<div style="LINE-HEIGHT: 1.15">TRANSITIONAL AND ONE-OFF AWARDS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes shareholders should generally be wary of awards granted outside of the standard incentive</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">schemes outlined above, as such awards have the potential to undermine the integrity of a company&#8217;s regular</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">incentive plans, the link between pay and performance or both. We generally believe that if the existing incentive</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">programs fail to provide adequate incentives to executives, companies should redesign their compensation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">programs rather than make additional grants.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">However, we recognize that in certain circumstances, additional incentives may be appropriate. In these cases,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">companies should provide a thorough description of the awards, including a cogent and convincing explanation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of their necessity and why existing awards do not provide sufficient motivation. Further, such awards should</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">be tied to future service and performance whenever possible.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Similarly, we acknowledge that there may be certain costs associated with transitions at the executive level. We</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">believe that sign-on arrangements should be clearly disclosed and accompanied by a meaningful explanation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the payments and the process by which the amounts are reached. Furthermore, the details of and basis for</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">any &#8220;make-whole&#8221; payments (which are paid as compensation for forfeited awards from a previous employer)</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">should be provided.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">While in limited circumstances such deviations may not be inappropriate, we believe shareholders should</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">be provided with a meaningful explanation of any additional benefits agreed upon outside of the regular</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">arrangements. For severance or sign-on arrangements, we may consider the executive&#8217;s regular target</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">compensation levels or the sums paid to other executives (including the recipient&#8217;s predecessor, where</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">applicable) in evaluating the appropriateness of such an arrangement.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Additionally, we believe companies making supplemental or one-time awards should also describe if and how</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the regular compensation arrangements will be affected by these additional grants. In reviewing a company&#8217;s</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">use of supplemental awards, Glass Lewis will evaluate the terms and size of the grants in the context of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company&#8217;s overall incentive strategy and granting practices, as well as the current operating environment.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">RECOUPMENT PROVISIONS (&#8220;CLAWBACKS&#8221;)</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe it is prudent for boards to adopt detailed and stringent bonus recoupment policies to prevent</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">executives from retaining performance-based awards that were not truly earned. We believe such &#8220;clawback&#8221;</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">policies should be triggered in the event of a restatement of financial results or similar revision of performance</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">indicators upon which bonuses were based. Such policies would allow the board to review all performance-related bonuses and awards made to senior executives during the period covered by a restatement and would,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to the extent feasible, allow the company to recoup such bonuses in the event that performance goals were</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">not actually achieved. We further believe clawback policies should be subject to only limited discretion to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">ensure the integrity of such policies.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Section 954 of the Dodd-Frank Act requires the SEC to create a rule requiring listed companies to adopt</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">policies for recouping certain compensation during a three-year look-back period. The rule applies to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">incentive-based compensation paid to current or former executives if the company is required to prepare</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">an accounting restatement due to erroneous data resulting from material non-compliance with any financial</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">reporting requirements under the securities laws. However, the SEC has yet to finalize the relevant rules.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">These recoupment provisions are more stringent than under Section 304 of the Sarbanes-Oxley Act in three</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">respects: (i) the provisions extend to current or former executive officers rather than only to the CEO and CFO;</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">(ii) it has a three-year look-back period (rather than a twelve-month look-back period); and (iii) it allows for</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">recovery of compensation based upon a financial restatement due to erroneous data, and therefore does not</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">require misconduct on the part of the executive or other employees.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that the hedging of shares by executives in the shares of the companies where they</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">are employed severs the alignment of interests of the executive with shareholders. We believe companies</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">should adopt strict policies to prohibit executives from hedging the economic risk associated with their</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareownership in the company.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">PLEDGING OF STOCK</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that shareholders should examine the facts and circumstances of each company rather</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">than apply a one-size-fits-all policy regarding employee stock pledging. Glass Lewis believes that shareholders</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">benefit when employees, particularly senior executives have &#8220;skin-in-the-game&#8221; and therefore recognizes the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">benefits of measures designed to encourage employees to both buy shares out of their own pocket and to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">retain shares they have been granted; blanket policies prohibiting stock pledging may discourage executives</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and employees from doing either.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">However, we also recognize that the pledging of shares can present a risk that, depending on a host of factors,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">an executive with significant pledged shares and limited other assets may have an incentive to take steps to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">avoid a forced sale of shares in the face of a rapid stock price decline. Therefore, to avoid substantial losses</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">from a forced sale to meet the terms of the loan, the executive may have an incentive to boost the stock price in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the short term in a manner that is unsustainable, thus hurting shareholders in the long-term. We also recognize</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">concerns regarding pledging may not apply to less senior employees, given the latter group&#8217;s significantly</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">more limited influence over a company&#8217;s stock price. Therefore, we believe that the issue of pledging shares</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">should be reviewed in that context, as should policies that distinguish between the two groups.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that the benefits of stock ownership by executives and employees may outweigh the risks</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of stock pledging, depending on many factors. As such, Glass Lewis reviews all relevant factors in evaluating</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">proposed policies, limitations and prohibitions on pledging stock, including:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The percentage executives&#8217; pledged shares are of outstanding shares;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The percentage executives&#8217; pledged shares are of each executive&#8217;s shares and total assets;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Whether the pledged shares were purchased by the employee or granted by the company;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Whether there are different policies for purchased and granted shares;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Whether the granted shares were time-based or performance-based;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The overall governance profile of the company;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The volatility of the company&#8217;s stock (in order to determine the likelihood of a sudden stock</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">price drop);</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The nature and cyclicality, if applicable, of the company&#8217;s industry;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The participation and eligibility of executives and employees in pledging;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The company&#8217;s current policies regarding pledging and any waiver from these policies for employees</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and executives; and</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Disclosure of the extent of any pledging, particularly among senior executives.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">COMPENSATION CONSULTANT INDEPENDENCE</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">As mandated by Section 952 of the Dodd-Frank Act, as of January 11, 2013, the SEC approved new listing</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">requirements for both the NYSE and NASDAQ which require compensation committees to consider six factors</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">in assessing compensation advisor independence. These factors include: (1) provision of other services to the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company; (2) fees paid by the company as a percentage of the advisor&#8217;s total annual revenue; (3) policies and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">procedures of the advisor to mitigate conflicts of interests; (4) any business or personal relationships of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">consultant with any member of the compensation committee; (5) any company stock held by the consultant;</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and (6) any business or personal relationships of the consultant with any executive officer of the company.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">According to the SEC, &#8220;no one factor should be viewed as a determinative factor.&#8221; Glass Lewis believes this</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">six-factor assessment is an important process for every compensation committee to undertake but believes</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">companies employing a consultant for board compensation, consulting and other corporate services should</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">provide clear disclosure beyond just a reference to examining the six points to allow shareholders to review</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the specific aspects of the various consultant relationships.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe compensation consultants are engaged to provide objective, disinterested, expert advice to the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">compensation committee. When the consultant or its affiliates receive substantial income from providing</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">other services to the company, we believe the potential for a conflict of interest arises and the independence</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the consultant may be jeopardized. Therefore, Glass Lewis will, when relevant, note the potential for a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">conflict of interest when the fees paid to the advisor or its affiliates for other services exceeds those paid for</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">compensation consulting.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">FREQUENCY OF SAY-ON-PAY</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Dodd-Frank Act also requires companies to allow shareholders a non-binding vote on the frequency of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">say-on-pay votes, i.e. every one, two or three years. Additionally, Dodd-Frank requires companies to hold such</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">votes on the frequency of say-on-pay votes at least once every six years.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe companies should submit say-on-pay votes to shareholders every year. We believe that the time</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and financial burdens to a company with regard to an annual vote are relatively small and incremental and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">are outweighed by the benefits to shareholders through more frequent accountability. Implementing biannual</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or triennial votes on executive compensation limits shareholders&#8217; ability to hold the board accountable for</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">its compensation practices through means other than voting against the compensation committee. Unless</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a company provides a compelling rationale or unique circumstances for say-on-pay votes less frequent than</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">annually, we will generally recommend that shareholders support annual votes on compensation.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">VOTE ON GOLDEN PARACHUTE ARRANGEMENTS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Dodd-Frank Act also requires companies to provide shareholders with a separate non-binding vote on</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">approval of golden parachute compensation arrangements in connection with certain change-in-control</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">transactions. However, if the golden parachute arrangements have previously been subject to a say-on-pay</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">vote which shareholders approved, then this required vote is waived.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes the narrative and tabular disclosure of golden parachute arrangements benefits all</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholders. Glass Lewis analyzes each golden parachute arrangement on a case-by-case basis, taking</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">into account, among other items: the nature of the change-in-control transaction, the ultimate value of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">payments particularly compared to the value of the transaction, any excise tax gross-up obligations, the tenure</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and position of the executives in question before and after the transaction, any new or amended employment</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">agreements entered into in connection with the transaction, and the type of triggers involved (i.e., single vs.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">double).</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">EQUITY-BASED COMPENSATION PLAN PROPOSALS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe that equity compensation awards, when not abused, are useful for retaining employees and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">providing an incentive for them to act in a way that will improve company performance. Glass Lewis recognizes <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">that equity-based compensation plans are critical components of a company&#8217;s overall compensation program</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and we analyze such plans accordingly based on both quantitative and qualitative factors.</font></font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Our quantitative analysis assesses the plan&#8217;s cost and the company&#8217;s pace of granting utilizing a number of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">different analyses, comparing the program with absolute limits we believe are key to equity value creation and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">with a carefully chosen peer group. In general, our model seeks to determine whether the proposed plan is</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">either absolutely excessive or is more than one standard deviation away from the average plan for the peer</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">group on a range of criteria, including dilution to shareholders and the projected annual cost relative to the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company&#8217;s financial performance. Each of the analyses (and their constituent parts) is weighted and the plan</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">is scored in accordance with that weight.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We compare the program&#8217;s expected annual expense with the business&#8217;s operating metrics to help determine</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">whether the plan is excessive in light of company performance. We also compare the plan&#8217;s expected annual</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">cost to the enterprise value of the firm rather than to market capitalization because the employees, managers</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and directors of the firm contribute to the creation of enterprise value but not necessarily market capitalization</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">(the biggest difference is seen where cash represents the vast majority of market capitalization). Finally, we do</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">not rely exclusively on relative comparisons with averages because, in addition to creeping averages serving</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to inflate compensation, we believe that some absolute limits are warranted.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We then consider qualitative aspects of the plan such as plan administration, the method and terms of exercise,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">repricing history, express or implied rights to reprice, and the presence of evergreen provisions. We also</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">closely review the choice and use of, and difficulty in meeting, the awards&#8217; performance metrics and targets,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">if any. We believe significant changes to the terms of a plan should be explained for shareholders and clearly</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">indicated. Other factors such as a company&#8217;s size and operating environment may also be relevant in assessing</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the severity of concerns or the benefits of certain changes. Finally, we may consider a company&#8217;s executive</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">compensation practices in certain situations, as applicable.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">We evaluate equity plans based on certain overarching principles:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Companies should seek more shares only when needed;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Requested share amounts should be small enough that companies seek shareholder approval every</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">three to four years (or more frequently);</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">If a plan is relatively expensive, it should not grant options solely to senior executives and board</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">members;</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Dilution of annual net share count or voting power, along with the &#8220;overhang&#8221; of incentive plans,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">should be limited;</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Annual cost of the plan (especially if not shown on the income statement) should be reasonable as</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a percentage of financial results and should be in line with the peer group;</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The expected annual cost of the plan should be proportional to the business&#8217;s value;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The intrinsic value that option grantees received in the past should be reasonable compared with the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">business&#8217;s financial results;</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Plans should not permit re-pricing of stock options;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Plans should not contain excessively liberal administrative or payment terms;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Plans should not count shares in ways that understate the potential dilution, or cost, to common</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholders. This refers to &#8220;inverse&#8221; full-value award multipliers;</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Selected performance metrics should be challenging and appropriate, and should be subject to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">relative performance measurements; and</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Stock grants should be subject to minimum vesting and/or holding periods sufficient to ensure</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">sustainable performance and promote retention.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">OPTION EXCHANGES</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis views option repricing plans and option exchange programs with great skepticism. Shareholders</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">have substantial risk in owning stock and we believe that the employees, officers, and directors who receive</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">stock options should be similarly situated to align their interests with shareholder interests.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We are concerned that option grantees who believe they will be &#8220;rescued&#8221; from underwater options will be</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">more inclined to take unjustifiable risks. Moreover, a predictable pattern of repricing or exchanges substantially</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">alters a stock option&#8217;s value because options that will practically never expire deeply out of the money are</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">worth far more than options that carry a risk of expiration.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In short, repricings and option exchange programs change the bargain between shareholders and employees</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">after the bargain has been struck.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">There is one circumstance in which a repricing or option exchange program may be acceptable: if macroeconomic</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or industry trends, rather than specific company issues, cause a stock&#8217;s value to decline dramatically and the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">repricing is necessary to motivate and retain employees. In this circumstance, we think it fair to conclude that</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">option grantees may be suffering from a risk that was not foreseeable when the original &#8220;bargain&#8221; was struck.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In such a circumstance, we will recommend supporting a repricing if the following conditions are true:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Officers and board members cannot participate in the program;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The stock decline mirrors the market or industry price decline in terms of timing and approximates</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the decline in magnitude;</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The exchange is value-neutral or value-creative to shareholders using very conservative assumptions</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and with a recognition of the adverse selection problems inherent in voluntary programs; and</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Management and the board make a cogent case for needing to motivate and retain existing</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">employees, such as being in a competitive employment market.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">OPTION BACKDATING, SPRING-LOADING AND BULLET-DODGING</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis views option backdating, and the related practices of spring-loading and bullet-dodging, as</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">egregious actions that warrant holding the appropriate management and board members responsible. These</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">practices are similar to re-pricing options and eliminate much of the downside risk inherent in an option grant</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">that is designed to induce recipients to maximize shareholder return.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Backdating an option is the act of changing an option&#8217;s grant date from the actual grant date to an earlier</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">date when the market price of the underlying stock was lower, resulting in a lower exercise price for the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">option. Since 2006, Glass Lewis has identified over 270 companies that have disclosed internal or government</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">investigations into their past stock-option grants.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Spring-loading is granting stock options while in possession of material, positive information that has not been</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">disclosed publicly. Bullet-dodging is delaying the grants of stock options until after the release of material,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">negative information. This can allow option grants to be made at a lower price either before the release of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">positive news or following the release of negative news, assuming the stock&#8217;s price will move up or down in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">response to the information. This raises a concern similar to that of insider trading, or the trading on material</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">non-public information.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The exercise price for an option is determined on the day of grant, providing the recipient with the same</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">market risk as an investor who bought shares on that date. However, where options were backdated, the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">executive or the board (or the compensation committee) changed the grant date retroactively. The new date</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">may be at or near the lowest price for the year or period. This would be like allowing an investor to look back</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and select the lowest price of the year at which to buy shares.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A 2006 study of option grants made between 1996 and 2005 at 8,000 companies found that option backdating</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">can be an indication of poor internal controls. The study found that option backdating was more likely to occur</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">at companies without a majority independent board and with a long-serving CEO; both factors, the study</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">concluded, were associated with greater CEO influence on the company&#8217;s compensation and governance</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">practices.</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">48</sup></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Where a company granted backdated options to an executive who is also a director, Glass Lewis will recommend</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting against that executive/director, regardless of who decided to make the award. In addition, Glass Lewis</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">will recommend voting against those directors who either approved or allowed the backdating. Glass Lewis</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">feels that executives and directors who either benefited from backdated options or authorized the practice</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">have breached their fiduciary responsibility to shareholders.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Given the severe tax and legal liabilities to the company from backdating, Glass Lewis will consider</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">recommending voting against members of the audit committee who served when options were backdated,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a restatement occurs, material weaknesses in internal controls exist and disclosures indicate there was a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">lack of documentation. These committee members failed in their responsibility to ensure the integrity of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company&#8217;s financial reports.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">When a company has engaged in spring-loading or bullet-dodging, Glass Lewis will consider recommending</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting against the compensation committee members where there has been a pattern of granting options at</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or near historic lows. Glass Lewis will also recommend voting against executives serving on the board who</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">benefited from the spring-loading or bullet-dodging.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">DIRECTOR COMPENSATION PLANS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that non-employee directors should receive reasonable and appropriate compensation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">for the time and effort they spend serving on the board and its committees. However, a balance is required.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Fees should be competitive in order to retain and attract qualified individuals, but excessive fees represent a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">financial cost to the company and potentially compromise the objectivity and independence of non-employee</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">directors. We will consider recommending supporting compensation plans that include option grants or other</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">equity-based awards that help to align the interests of outside directors with those of shareholders. However,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">equity grants to directors should not be performance-based to ensure directors are not incentivized in the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">same manner as executives but rather serve as a check on imprudent risk-taking in executive compensation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">plan design.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis uses a proprietary model and analyst review to evaluate the costs of equity plans compared to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the plans of peer companies with similar market capitalizations. We use the results of this model to guide our</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting recommendations on stock-based director compensation plans.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">EMPLOYEE STOCK PURCHASE PLANS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that employee stock purchase plans (&#8220;ESPPs&#8221;) can provide employees with a sense</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of ownership in their company and help strengthen the alignment between the interests of employees and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholders. We evaluate ESPPs by assessing the expected discount, purchase period, expected purchase</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">activity (if previous activity has been disclosed) and whether the plan has a &#8220;lookback&#8221; feature. Except for</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the most extreme cases, Glass Lewis will generally support these plans given the regulatory purchase limit</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of $25,000 per employee per year, which we believe is reasonable. We also look at the number of shares</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">requested to see if a ESPP will significantly contribute to overall shareholder dilution or if shareholders will not <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">have a chance to approve the program for an excessive period of time. As such, we will generally recommend</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">against ESPPs that contain &#8220;evergreen&#8221; provisions that automatically increase the number of shares available</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">under the ESPP each year.</font></font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Lucian Bebchuk, Yaniv Grinstein and Urs Peyer. &#8220;LUCKY CEOs.&#8221; November, 2006.</div>
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<div style="LINE-HEIGHT: 1.15">EXECUTIVE COMPENSATION TAX DEDUCTIBILITY (IRS 162(M) COMPLIANCE)</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Section 162(m) of the Internal Revenue Code allows companies to deduct compensation in excess of $1</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">million for the CEO and the next three most highly compensated executive officers, excluding the CFO, if</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the compensation is performance-based and is paid under shareholder-approved plans. Companies therefore</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">submit incentive plans for shareholder approval to take of advantage of the tax deductibility afforded under</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">162(m) for certain types of compensation.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe the best practice for companies is to provide robust disclosure to shareholders so that they can</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">make fully-informed judgments about the reasonableness of the proposed compensation plan. To allow for</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">meaningful shareholder review, we prefer that disclosure should include specific performance metrics, a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">maximum award pool, and a maximum award amount per employee. We also believe it is important to analyze</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the estimated grants to see if they are reasonable and in line with the company&#8217;s peers.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We typically recommend voting against a 162(m) proposal where: (i) a company fails to provide at least a list of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">performance targets; (ii) a company fails to provide one of either a total maximum or an individual maximum;</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or (iii) the proposed plan or individual maximum award limit is excessive when compared with the plans of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company&#8217;s peers.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The company&#8217;s record of aligning pay with performance (as evaluated using our proprietary pay-for-performance</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">model) also plays a role in our recommendation. Where a company has a record of setting reasonable pay</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">relative to business performance, we generally recommend voting in favor of a plan even if the plan caps</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">seem large relative to peers because we recognize the value in special pay arrangements for continued</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">exceptional performance.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">As with all other issues we review, our goal is to provide consistent but contextual advice given the specifics</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the company and ongoing performance. Overall, we recognize that it is generally not in shareholders&#8217; best</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">interests to vote against such a plan and forgo the potential tax benefit since shareholder rejection of such</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">plans will not curtail the awards; it will only prevent the tax deduction associated with them.</font><br style="LINE-HEIGHT: 1.15">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">POISON PILLS (SHAREHOLDER RIGHTS PLANS)</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that poison pill plans are not generally in shareholders&#8217; best interests. They can reduce</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">management accountability by substantially limiting opportunities for corporate takeovers. Rights plans</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">can thus prevent shareholders from receiving a buy-out premium for their stock. Typically we recommend</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">that shareholders vote against these plans to protect their financial interests and ensure that they have an</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">opportunity to consider any offer for their shares, especially those at a premium.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe boards should be given wide latitude in directing company activities and in charting the company&#8217;s</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">course. However, on an issue such as this, where the link between the shareholders&#8217; financial interests and their</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">right to consider and accept buyout offers is substantial, we believe that shareholders should be allowed to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">vote on whether they support such a plan&#8217;s implementation. This issue is different from other matters that are</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">typically left to board discretion. Its potential impact on and relation to shareholders is direct and substantial.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">It is also an issue in which management interests may be different from those of shareholders; thus, ensuring</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">that shareholders have a voice is the only way to safeguard their interests.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In certain circumstances, we will support a poison pill that is limited in scope to accomplish a particular</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">objective, such as the closing of an important merger, or a pill that contains what we believe to be a reasonable</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">qualifying offer clause. We will consider supporting a poison pill plan if the qualifying offer clause includes</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">each of the following attributes:</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 29pt; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8226;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 7pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The offer is not required to remain open for more than 90 business days;</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 29pt; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8226;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 7pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The offeror is permitted to amend the offer, reduce the offer, or otherwise change the terms;</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 29pt; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8226;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 7pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">There is no fairness opinion requirement; and</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 29pt; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8226;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 7pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">There is a low to no premium requirement.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Where these requirements are met, we typically feel comfortable that shareholders will have the opportunity</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to voice their opinion on any legitimate offer.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">NOL POISON PILLS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Similarly, Glass Lewis may consider supporting a limited poison pill in the event that a company seeks</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholder approval of a rights plan for the express purpose of preserving Net Operating Losses (NOLs). While</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">companies with NOLs can generally carry these losses forward to offset future taxable income, Section 382</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the Internal Revenue Code limits companies&#8217; ability to use NOLs in the event of a &#8220;change of ownership.&#8221;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">49</sup></font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In this case, a company may adopt or amend a poison pill (&#8220;NOL pill&#8221;) in order to prevent an inadvertent</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">change of ownership by multiple investors purchasing small chunks of stock at the same time, and thereby</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">preserve the ability to carry the NOLs forward. Often such NOL pills have trigger thresholds much lower than</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the common 15% or 20% thresholds, with some NOL pill triggers as low as 5%.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Section 382 of the Internal Revenue Code refers to a &#8220;change of ownership&#8221; of more than 50 percentage points by one or more 5% shareholders within</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">a three-year period. The statute is intended to deter the &#8220;trafficking&#8221; of net operating losses.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis evaluates NOL pills on a strictly case-by-case basis taking into consideration, among other factors,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the value of the NOLs to the company, the likelihood of a change of ownership based on the size of the holding</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and the nature of the larger shareholders, the trigger threshold and whether the term of the plan is limited in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">duration (i.e., whether it contains a reasonable &#8220;sunset&#8221; provision) or is subject to periodic board review and/</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or shareholder ratification. However, we will recommend that shareholders vote against a proposal to adopt or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">amend a pill to include NOL protective provisions if the company has adopted a more narrowly tailored means</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of preventing a change in control to preserve its NOLs. For example, a company may limit share transfers in its</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">charter to prevent a change of ownership from occurring.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Furthermore, we believe that shareholders should be offered the opportunity to vote on any adoption or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">renewal of a NOL pill regardless of any potential tax benefit that it offers a company. As such, we will consider</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">recommending voting against those members of the board who served at the time when an NOL pill was</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">adopted without shareholder approval within the prior twelve months and where the NOL pill is not subject</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to shareholder ratification.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">FAIR PRICE PROVISIONS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Fair price provisions, which are rare, require that certain minimum price and procedural requirements be</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">observed by any party that acquires more than a specified percentage of a corporation&#8217;s common stock. The</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">provision is intended to protect minority shareholder value when an acquirer seeks to accomplish a merger or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">other transaction which would eliminate or change the interests of the minority stockholders. The provision is</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">generally applied against the acquirer unless the takeover is approved by a majority of &#8221;continuing directors&#8221;</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and holders of a majority, in some cases a supermajority as high as 80%, of the combined voting power of all</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">stock entitled to vote to alter, amend, or repeal the above provisions.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The effect of a fair price provision is to require approval of any merger or business combination with an</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8220;interested stockholder&#8221; by 51% of the voting stock of the company, excluding the shares held by the interested</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">stockholder. An interested stockholder is generally considered to be a holder of 10% or more of the company&#8217;s</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">outstanding stock, but the trigger can vary.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Generally, provisions are put in place for the ostensible purpose of preventing a back-end merger where the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">interested stockholder would be able to pay a lower price for the remaining shares of the company than</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">he or she paid to gain control. The effect of a fair price provision on shareholders, however, is to limit their</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">ability to gain a premium for their shares through a partial tender offer or open market acquisition which</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">typically raise the share price, often significantly. A fair price provision discourages such transactions because</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the potential costs of seeking shareholder approval and because of the restrictions on purchase price for</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">completing a merger or other transaction at a later time.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that fair price provisions, while sometimes protecting shareholders from abuse in a takeover</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">situation, more often act as an impediment to takeovers, potentially limiting gains to shareholders from a variety</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of transactions that could significantly increase share price. In some cases, even the independent directors</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the board cannot make exceptions when such exceptions may be in the best interests of shareholders.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Given the existence of state law protections for minority shareholders such as Section 203 of the Delaware</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Corporations Code, we believe it is in the best interests of shareholders to remove fair price provisions.</font></div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In general, Glass Lewis believes that the board is in the best position to determine the appropriate jurisdiction of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">incorporation for the company. When examining a management proposal to reincorporate to a different state</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or country, we review the relevant financial benefits, generally related to improved corporate tax treatment, as</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">well as changes in corporate governance provisions, especially those relating to shareholder rights, resulting</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">from the change in domicile. Where the financial benefits are de minimis and there is a decrease in shareholder</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">rights, we will recommend voting against the transaction.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">However, costly, shareholder-initiated reincorporations are typically not the best route to achieve the furtherance</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of shareholder rights. We believe shareholders are generally better served by proposing specific shareholder</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">resolutions addressing pertinent issues which may be implemented at a lower cost, and perhaps even with</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">board approval. However, when shareholders propose a shift into a jurisdiction with enhanced shareholder</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">rights, Glass Lewis examines the significant ways would the company benefit from shifting jurisdictions</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">including the following:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Is the board sufficiently independent?</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Does the company have anti-takeover protections such as a poison pill or classified board in place?</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Has the board been previously unresponsive to shareholders (such as failing to implement a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholder proposal that received majority shareholder support)?</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Do shareholders have the right to call special meetings of shareholders?</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Are there other material governance issues of concern at the company?</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Has the company&#8217;s performance matched or exceeded its peers in the past one and three years?</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">How has the company ranked in Glass Lewis&#8217; pay-for-performance analysis during the last three</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">years?</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Does the company have an independent chair?</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We note, however, that we will only support shareholder proposals to change a company&#8217;s place of incorporation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">in exceptional circumstances.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">EXCLUSIVE FORUM AND FEE-SHIFTING BYLAW PROVISIONS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis recognizes that companies may be subject to frivolous and opportunistic lawsuits, particularly</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">in conjunction with a merger or acquisition, that are expensive and distracting. In response, companies have</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">sought ways to prevent or limit the risk of such suits by adopting bylaws regarding where the suits must be</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">brought or shifting the burden of the legal expenses to the plaintiff, if unsuccessful at trial.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that charter or bylaw provisions limiting a shareholder&#8217;s choice of legal venue are not in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the best interests of shareholders. Such clauses may effectively discourage the use of shareholder claims by</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">increasing their associated costs and making them more difficult to pursue. As such, shareholders should be</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">wary about approving any limitation on their legal recourse including limiting themselves to a single jurisdiction</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">(e.g., Delaware) without compelling evidence that it will benefit shareholders.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">For this reason, we recommend that shareholders vote against any bylaw or charter amendment seeking</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to adopt an exclusive forum provision unless the company: (i) provides a compelling argument on why the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">provision would directly benefit shareholders; (ii) provides evidence of abuse of legal process in other, non-favored jurisdictions; (iii) narrowly tailors such provision to the risks involved; and (iv) maintains a strong</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">record of good corporate governance practices.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Moreover, in the event a board seeks shareholder approval of a forum selection clause pursuant to a bundled</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">bylaw amendment rather than as a separate proposal, we will weigh the importance of the other bundled</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">provisions when determining the vote recommendation on the proposal. We will nonetheless recommend</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting against the governance committee chair or bundling disparate proposals into a single proposal (refer</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to our discussion of nominating and governance committee performance in Section I of the guidelines).</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Similarly, some companies have adopted bylaws requiring plaintiffs who sue the company and fail to receive a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">judgment in their favor pay the legal expenses of the company. These bylaws, also known as &#8220;fee-shifting&#8221; or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8220;loser pays&#8221; bylaws, will likely have a chilling effect on even meritorious shareholder lawsuits as shareholders</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">would face an strong financial disincentive not to sue a company. Glass Lewis therefore strongly opposes the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">adoption of such fee-shifting bylaws and, if adopted without shareholder approval, will recommend voting</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">against the governance committee. While we note that in June of 2015 the State of Delaware banned the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">adoption of fee-shifting bylaws, such provisions could still be adopted by companies incorporated in other</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">states.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">AUTHORIZED SHARES</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that adequate capital stock is important to a company&#8217;s operation. When analyzing a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">request for additional shares, we typically review four common reasons why a company might need additional</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">capital stock:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Stock</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Split</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; We typically consider three metrics when evaluating whether we think a stock split</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">is likely or necessary: The historical stock pre-split price, if any; the current price relative to the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company&#8217;s most common trading price over the past 52 weeks; and some absolute limits on stock</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">price that, in our view, either always make a stock split appropriate if desired by management or</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">would almost never be a reasonable price at which to split a stock.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Shareholder</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Defenses</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; Additional authorized shares could be used to bolster takeover defenses</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">such as a poison pill. Proxy filings often discuss the usefulness of additional shares in defending</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">against or discouraging a hostile takeover as a reason for a requested increase. Glass Lewis is typically</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">against such defenses and will oppose actions intended to bolster such defenses.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Financing</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">for</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Acquisitions</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; We look at whether the company has a history of using stock for</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">acquisitions and attempt to determine what levels of stock have typically been required to accomplish</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">such transactions. Likewise, we look to see whether this is discussed as a reason for additional shares</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">in the proxy.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Financing</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">for</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Operations</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"> &#8212; We review the company&#8217;s cash position and its ability to secure financing</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">through borrowing or other means. We look at the company&#8217;s history of capitalization and whether</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the company has had to use stock in the recent past as a means of raising capital.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Issuing additional shares can dilute existing holders in limited circumstances. Further, the availability of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">additional shares, where the board has discretion to implement a poison pill, can often serve as a deterrent</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to interested suitors. Accordingly, where we find that the company has not detailed a plan for use of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">proposed shares, or where the number of shares far exceeds those needed to accomplish a detailed plan,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">we typically recommend against the authorization of additional shares. Similar concerns may also lead us to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">recommend against a proposal to conduct a reverse stock split if the board does not state that it will reduce</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the number of authorized common shares in a ratio proportionate to the split.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">While we think that having adequate shares to allow management to make quick decisions and effectively</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">operate the business is critical, we prefer that, for significant transactions, management come to shareholders</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to justify their use of additional shares rather than providing a blank check in the form of a large pool of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">unallocated shares available for any purpose.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ADVANCE NOTICE REQUIREMENTS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We typically recommend that shareholders vote against proposals that would require advance notice of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholder proposals or of director nominees.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">These proposals typically attempt to require a certain amount of notice before shareholders are allowed to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">place proposals on the ballot. Notice requirements typically range between three to six months prior to the <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">annual meeting. Advance notice requirements typically make it impossible for a shareholder who misses the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">deadline to present a shareholder proposal or a director nominee that might be in the best interests of the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">company and its shareholders.</font></font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe shareholders should be able to review and vote on all proposals and director nominees. Shareholders</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">can always vote against proposals that appear with little prior notice. Shareholders, as owners of a business,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">are capable of identifying issues on which they have sufficient information and ignoring issues on which they</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">have insufficient information. Setting arbitrary notice restrictions limits the opportunity for shareholders to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">raise issues that may come up after the window closes.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">CUMULATIVE VOTING</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Cumulative voting increases the ability of minority shareholders to elect a director by allowing shareholders to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">cast as many shares of the stock they own multiplied by the number of directors to be elected. As companies</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">generally have multiple nominees up for election, cumulative voting allows shareholders to cast all of their</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">votes for a single nominee, or a smaller number of nominees than up for election, thereby raising the likelihood</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of electing one or more of their preferred nominees to the board. It can be important when a board is controlled</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">by insiders or affiliates and where the company&#8217;s ownership structure includes one or more shareholders who</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">control a majority-voting block of company stock.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that cumulative voting generally acts as a safeguard for shareholders by ensuring that</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">those who hold a significant minority of shares can elect a candidate of their choosing to the board. This allows</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the creation of boards that are responsive to the interests of all shareholders rather than just a small group of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">large holders.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We review cumulative voting proposals on a case-by-case basis, factoring in the independence of the board</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and the status of the company&#8217;s governance structure. But we typically find these proposals on ballots</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">at companies where independence is lacking and where the appropriate checks and balances favoring</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholders are not in place. In those instances we typically recommend in favor of cumulative voting.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Where a company has adopted a true majority vote standard (i.e., where a director must receive a majority of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">votes cast to be elected, as opposed to a modified policy indicated by a resignation policy only), Glass Lewis</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">will recommend voting against cumulative voting proposals due to the incompatibility of the two election</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">methods. For companies that have not adopted a true majority voting standard but have adopted some form</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of majority voting, Glass Lewis will also generally recommend voting against cumulative voting proposals if</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the company has not adopted antitakeover protections and has been responsive to shareholders.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Where a company has not adopted a majority voting standard and is facing both a shareholder proposal to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">adopt majority voting and a shareholder proposal to adopt cumulative voting, Glass Lewis will support only</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the majority voting proposal. When a company has both majority voting and cumulative voting in place, there</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">is a higher likelihood of one or more directors not being elected as a result of not receiving a majority vote.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">This is because shareholders exercising the right to cumulate their votes could unintentionally cause the failed</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">election of one or more directors for whom shareholders do not cumulate votes.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">SUPERMAJORITY VOTE REQUIREMENTS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that supermajority vote requirements impede shareholder action on ballot items critical</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to shareholder interests. An example is in the takeover context, where supermajority vote requirements can</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">strongly limit the voice of shareholders in making decisions on such crucial matters as selling the business.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">This in turn degrades share value and can limit the possibility of buyout premiums to shareholders. Moreover,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">we believe that a supermajority vote requirement can enable a small group of shareholders to overrule the will</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of the majority shareholders. We believe that a simple majority is appropriate to approve all matters presented</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to shareholders.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">TRANSACTION OF OTHER BUSINESS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We typically recommend that shareholders not give their proxy to management to vote on any other business</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">items that may properly come before an annual or special meeting. In our opinion, granting unfettered</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">discretion is unwise.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">ANTI-GREENMAIL PROPOSALS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis will support proposals to adopt a provision preventing the payment of greenmail, which would serve</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to prevent companies from buying back company stock at significant premiums from a certain shareholder.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Since a large or majority shareholder could attempt to compel a board into purchasing its shares at a large</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">premium, the anti-greenmail provision would generally require that a majority of shareholders other than the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">majority shareholder approve the buyback.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">MUTUAL FUNDS: INVESTMENT POLICIES AND ADVISORY AGREEMENTS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis believes that decisions about a fund&#8217;s structure and/or a fund&#8217;s relationship with its investment</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">advisor or sub-advisors are generally best left to management and the members of the board, absent a showing</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of egregious or illegal conduct that might threaten shareholder value. As such, we focus our analyses of such</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">proposals on the following main areas:</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 29pt; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8226;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 7pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The terms of any amended advisory or sub-advisory agreement;</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 29pt; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8226;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 7pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Any changes in the fee structure paid to the investment advisor; and</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 29pt; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8226;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 7pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Any material changes to the fund&#8217;s investment objective or strategy.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We generally support amendments to a fund&#8217;s investment advisory agreement absent a material change that is</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">not in the best interests of shareholders. A significant increase in the fees paid to an investment advisor would</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">be reason for us to consider recommending voting against a proposed amendment to an investment advisory</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">agreement. However, in certain cases, we are more inclined to support an increase in advisory fees if such</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">increases result from being performance-based rather than asset-based. Furthermore, we generally support</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">sub-advisory agreements between a fund&#8217;s advisor and sub-advisor, primarily because the fees received by</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the sub-advisor are paid by the advisor, and not by the fund.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In matters pertaining to a fund&#8217;s investment objective or strategy, we believe shareholders are best served</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">when a fund&#8217;s objective or strategy closely resembles the investment discipline shareholders understood and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">selected when they initially bought into the fund. As such, we generally recommend voting against amendments</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">to a fund&#8217;s investment objective or strategy when the proposed changes would leave shareholders with stakes</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">in a fund that is noticeably different than when originally purchased, and which could therefore potentially</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">negatively impact some investors&#8217; diversification strategies.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">REAL ESTATE INVESTMENT TRUSTS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The complex organizational, operational, tax and compliance requirements of Real Estate Investment Trusts</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">(&#8220;REITs&#8221;) provide for a unique shareholder evaluation. In simple terms, a REIT must have a minimum of 100</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholders (the &#8220;100 Shareholder Test&#8221;) and no more than 50% of the value of its shares can be held by</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">five or fewer individuals (the &#8220;5/50 Test&#8221;). At least 75% of a REITs&#8217; assets must be in real estate, it must derive</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">75% of its gross income from rents or mortgage interest, and it must pay out 90% of its taxable earnings as</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">dividends. In addition, as a publicly traded security listed on a stock exchange, a REIT must comply with the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">same general listing requirements as a publicly traded equity.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In order to comply with such requirements, REITs typically include percentage ownership limitations in their</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">organizational documents, usually in the range of 5% to 10% of the REITs outstanding shares. Given the <font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">complexities of REITs as an asset class, Glass Lewis applies a highly nuanced approach in our evaluation of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">REIT proposals, especially regarding changes in authorized share capital, including preferred stock.</font></font></div>

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<div style="LINE-HEIGHT: 1.15">PREFERRED STOCK ISSUANCES AT REITS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis is generally against the authorization of preferred shares that allows the board to determine</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the preferences, limitations and rights of the preferred shares (known as &#8220;blank-check preferred stock&#8221;). We</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">believe that granting such broad discretion should be of concern to common shareholders, since blank-check</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">preferred stock could be used as an antitakeover device or in some other fashion that adversely affects the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">voting power or financial interests of common shareholders. However, given the requirement that a REIT</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">must distribute 90% of its net income annually, it is inhibited from retaining capital to make investments in its</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">business. As such, we recognize that equity financing likely plays a key role in a REIT&#8217;s growth and creation</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of shareholder value. Moreover, shareholder concern regarding the use of preferred stock as an anti-takeover</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">mechanism may be allayed by the fact that most REITs maintain ownership limitations in their certificates of</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">incorporation. For these reasons, along with the fact that REITs typically do not engage in private placements</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">of preferred stock (which result in the rights of common shareholders being adversely impacted), we may</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">support requests to authorize shares of blank-check preferred stock at REITs.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">BUSINESS DEVELOPMENT COMPANIES</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Business Development Companies (&#8220;BDCs&#8221;) were created by the U.S. Congress in 1980; they are regulated</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">under the Investment Company Act of 1940 and are taxed as regulated investment companies (&#8220;RICs&#8221;) under</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">the Internal Revenue Code. BDCs typically operate as publicly traded private equity firms that invest in early</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">stage to mature private companies as well as small public companies. BDCs realize operating income when</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">their investments are sold off, and therefore maintain complex organizational, operational, tax and compliance</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">requirements that are similar to those of REITs&#8212;the most evident of which is that BDCs must distribute at least</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">90% of their taxable earnings as dividends.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">AUTHORIZATION TO SELL SHARES AT A PRICE BELOW NET ASSET VALUE</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Considering that BDCs are required to distribute nearly all their earnings to shareholders, they sometimes</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">need to offer additional shares of common stock in the public markets to finance operations and acquisitions.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">However, shareholder approval is required in order for a BDC to sell shares of common stock at a price below</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Net Asset Value (&#8220;NAV&#8221;). Glass Lewis evaluates these proposals using a case-by-case approach, but will</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">recommend supporting such requests if the following conditions are met:</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The authorization to allow share issuances below NAV has an expiration date of one year or less</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">from the date that shareholders approve the underlying proposal (i.e. the meeting date);</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The proposed discount below NAV is minimal (ideally no greater than 20%);</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">The board specifies that the issuance will have a minimal or modest dilutive effect (ideally no</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">greater than 25% of the company&#8217;s then-outstanding common stock prior to the issuance); and</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">A majority of the company&#8217;s independent directors who do not have a financial interest in the</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">issuance approve the sale.</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In short, we believe BDCs should demonstrate a responsible approach to issuing shares below NAV, by</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">proactively addressing shareholder concerns regarding the potential dilution of the requested share issuance,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and explaining if and how the company&#8217;s past below-NAV share issuances have benefitted the company.</font></div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">V. Compensation, Environmental, Social&#160;and Governance Shareholder Initiatives</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis generally believes decisions regarding day-to-day management and policy decisions, including</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">those related to social, environmental or political issues, are best left to management and the board as they in</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">almost all cases have more and better information about company strategy and risk. However, when there is a</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">clear link between the subject of a shareholder proposal and value enhancement or risk mitigation, Glass Lewis</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">will recommend in favor of a reasonable, well-crafted shareholder proposal where the company has failed to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or inadequately addressed the issue.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">We believe that shareholders should not attempt to micromanage a company, its businesses or its executives</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">through the shareholder initiative process. Rather, we believe shareholders should use their influence to push</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">for governance structures that protect shareholders and promote director accountability. Shareholders should</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">then put in place a board they can trust to make informed decisions that are in the best interests of the business</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and its owners, and hold directors accountable for management and policy decisions through board elections.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">However, we recognize that support of appropriately crafted shareholder initiatives may at times serve to</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">promote or protect shareholder value.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">To this end, Glass Lewis evaluates shareholder proposals on a case-by-case basis. We generally recommend</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">supporting shareholder proposals calling for the elimination of, as well as to require shareholder approval of,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">antitakeover devices such as poison pills and classified boards. We generally recommend supporting proposals</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">likely to increase and/or protect shareholder value and also those that promote the furtherance of shareholder</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">rights. In addition, we also generally recommend supporting proposals that promote director accountability</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and those that seek to improve compensation practices, especially those promoting a closer link between</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">compensation and performance, as well as those that promote more and better disclosure of relevant risk</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">factors where such disclosure is lacking or inadequate.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">For a detailed review of our policies concerning compensation, environmental, social and governance</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">shareholder initiatives, please refer to our comprehensive </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Proxy</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Paper</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Guidelines</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">for</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Shareholder</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Initiatives</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">available at </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">www.glasslewis.com</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font></div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">This document is intended to provide an overview of Glass Lewis&#8217; proxy voting policies and guidelines. It is not intended to be exhaustive</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">and does not address all potential voting issues. Additionally, none of the information contained herein should be relied upon as investment</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">advice. The content of this document has been developed based on Glass Lewis&#8217; experience with proxy voting and corporate governance</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">issues, engagement with clients and issuers and review of relevant studies and surveys, and has not been tailored to any specific person.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">No representations or warranties express or implied, are made as to the accuracy or completeness of any information included herein.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">In addition, Glass Lewis shall not be liable for any losses or damages arising from or in connection with the information contained herein</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">or the use, reliance on or inability to use any such information. Glass Lewis expects its subscribers possess sufficient experience and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">knowledge to make their own decisions entirely independent of any information contained in this document.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">All information contained in this report is protected by law, including but not limited to, copyright law, and none of such information</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">may be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">for subsequent use for any such purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person without</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis&#8217; prior written consent.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">&#169;</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">2017</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Glass,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Lewis</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">&amp;</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Co.,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Glass</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Lewis</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Europe,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Ltd.,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">and</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">CGI</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Glass</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Lewis</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Pty</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Ltd.</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">(collectively,</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">&#8220;Glass</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Lewis&#8221;).</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">All</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Rights</font>&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Reserved.</font><br style="LINE-HEIGHT: 1.15">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">SAN FRANCISCO</font>&#160;</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass, Lewis &amp; Co., LLC</font>&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">One Sansome Street</font>&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Suite 3300</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">San Francisco, CA 94104</font>&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Tel: +1 415-678-4110</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Tel: +1 888-800-7001</font>&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Fax: +1 415-357-0200</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">NEW YORK</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass, Lewis &amp; Co., LLC</font>&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">44 Wall Street</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Suite 2001</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">New York, NY 10005</font>&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Tel: +1 212-797-3777</font>&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Fax: +1 212-980-4716</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">CGI Glass Lewis Pty Limited</font>&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Suite 5.03, Level 5</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">255 George St</font>&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Sydney NSW 2000</font>&#160;</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Tel: +61 2 9299 9266</font>&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Fax: +61 2 9299 1866</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Glass Lewis Europe, Ltd.</font>&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">15 Henry Street</font>&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Limerick, Ireland</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Phone: +353 61 292 800</font>&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Fax: +353 61 292 899</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">IVOX Glass Lewis GmbH</font>&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Maximilianstr. 6</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">76133 Karlsruhe</font>&#160;</div>

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

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif">Phone: +49 721-35 49 622</font>&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Fax: +49 721-35 49 621</div>

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

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15"><img src="image00001.jpg">&#160;<font style="FONT-SIZE: 24pt; FONT-FAMILY: 'Times New Roman'">GLASS LEWIS</font></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; LINE-HEIGHT: 1.15">EX-99.CERT</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">I, Ralph W. Bradshaw, certify that:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">1.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">I have reviewed this report on Form N-CSR of Cornerstone Total Return Fund, Inc.;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">2.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">3.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">4.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(b)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(c)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(d)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">5.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(b)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Date: March 2, 2017</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">/s/ Ralph W. Bradshaw</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Ralph W. Bradshaw, Chairman</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">and President (Principal</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Executive Officer)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.15">CERTIFICATIONS</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">I, Frank J. Maresca, certify that:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">1.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">I have reviewed this report on Form N-CSR of Cornerstone Total Return Fund, Inc.;</div>
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<table id="zd71847952f1d477cad67e82a4f381fee" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">2.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>
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<table id="z2d1f77f6f43741d3aee393b5cc5041cd" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">3.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">4.</div>
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<td style="WIDTH: 96%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">(a)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">/s/ Frank J. Maresca</div>
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.15">EX-99.906CERT</div>

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

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Ralph W. Bradshaw, Principal Executive Officer, and Frank J. Maresca, Principal Financial Officer, of Cornerstone Total Return Fund, Inc. (the "Registrant"), each certify to the best of his knowledge that:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The Registrant's periodic report on Form N-CSR for the period ended December 31, 2016 (the "Form N-CSR") fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">PRINCIPAL EXECUTIVE OFFICER</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">PRINCIPAL FINANCIAL OFFICER</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">Cornerstone Total Return Fund, Inc.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO CORNERSTONE TOTAL RETURN FUND, INC. AND WILL BE RETAINED BY CORNERSTONE TOTAL RETURN FUND, INC. AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.15">This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.</div>
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