<SEC-DOCUMENT>0001008886-20-000122.txt : 20200619
<SEC-HEADER>0001008886-20-000122.hdr.sgml : 20200619
<ACCEPTANCE-DATETIME>20200619110341
ACCESSION NUMBER:		0001008886-20-000122
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200619
DATE AS OF CHANGE:		20200619

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COVENANT TRANSPORTATION GROUP INC
		CENTRAL INDEX KEY:			0000928658
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		IRS NUMBER:				880320154
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24960
		FILM NUMBER:		20974665

	BUSINESS ADDRESS:	
		STREET 1:		400 BIRMINGHAM HIGHWAY
		CITY:			CHATTANOOGA
		STATE:			TN
		ZIP:			37419
		BUSINESS PHONE:		4238211212

	MAIL ADDRESS:	
		STREET 1:		400 BIRMINGHAM HIGHWAY
		CITY:			CHATTANOOGA
		STATE:			TN
		ZIP:			37419

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COVENANT TRANSPORT INC
		DATE OF NAME CHANGE:	19940818
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>form11k.htm
<DESCRIPTION>FORM 11-K
<TEXT>
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    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00; font-size: 12pt; font-weight: bold;">&#160;</div>
    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
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    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">FORM 11-K</div>
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    <div style="line-height: 1.00; font-size: 12pt;">(Mark One)</div>
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            <div style="line-height: 1.00; font-size: 12pt; font-weight: bold;">[X]</div>
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          <td style="width: 94.56%; vertical-align: top;">
            <div style="line-height: 1.00; font-size: 12pt; font-weight: bold;">ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
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    <div style="text-indent: 27.5pt; line-height: 1.00; font-size: 12pt;">For the fiscal year ended <font style="font-weight: bold;">December 31, 2019</font></div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
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    <div style="text-align: center; line-height: 1.00; font-size: 12pt;">OR</div>
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            <div style="line-height: 1.00; font-size: 12pt; font-weight: bold;">[&#160; ]</div>
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          <td style="width: 94.56%; vertical-align: top;">
            <div style="line-height: 1.00; font-size: 12pt; font-weight: bold;">TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
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    <div style="text-indent: 27.5pt; line-height: 1.00; font-size: 12pt;">For the transition period from<font style="font-weight: bold;"> ___________</font> to <font style="font-weight: bold;">______________</font></div>
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    <div style="line-height: 1.00; font-size: 12pt; font-weight: bold;">Commission file number 0-24960</div>
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            <div style="line-height: 1.00; font-size: 12pt;">A.</div>
          </td>
          <td style="width: 94.58%; vertical-align: top;">
            <div style="line-height: 1.00; font-size: 12pt;">Full title of the plan and the address of the plan, if different from that of the issuer named below:</div>
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    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">COVENANT TRANSPORTATION GROUP</div>
    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">401(K) &amp; PROFIT SHARING PLAN</div>
    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">(formerly the Covenant Transport, Inc. 401(k) &amp; Profit Sharing Plan)</div>
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    </div>
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            <div style="line-height: 1.00; font-size: 12pt;">B.</div>
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            <div style="line-height: 1.00; font-size: 12pt;">Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:</div>
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    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">Covenant Transportation Group, Inc.</div>
    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">400 Birmingham Highway</div>
    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;">Chattanooga, Tennessee 37419</div>
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    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00; font-weight: bold;">COVENANT TRANSPORTATION GROUP 401(K)<br>
      &amp; PROFIT SHARING PLAN</div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00; font-weight: bold;">Table of Contents</div>
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            <div style="text-align: center; line-height: 1.00; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Page</div>
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          <td style="width: 89.98%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.00; font-family: 'Times New Roman', Times, serif;">Report of Independent Registered Public Accounting Firm</div>
          </td>
          <td style="width: 10.02%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.00; font-family: 'Times New Roman', Times, serif;"><a href="#REPORTOFINDEPENDENT">1</a></div>
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            <div style="line-height: 1.00; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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          <td style="width: 10.02%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
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          <td style="width: 89.98%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.00; font-family: 'Times New Roman', Times, serif;">Statements of Net Assets Available for Benefits as of December 31, 2019 and 2018</div>
          </td>
          <td style="width: 10.02%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.00; font-family: 'Times New Roman', Times, serif;"><a href="#StatementsofNetAssets">2</a></div>
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            <div style="line-height: 1.00; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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          <td style="width: 10.02%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
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          <td style="width: 89.98%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.00; font-family: 'Times New Roman', Times, serif;">Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2019</div>
          </td>
          <td style="width: 10.02%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.00; font-family: 'Times New Roman', Times, serif;"><a href="#StatementofChangesinNet">3</a></div>
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            <div style="line-height: 1.00; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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          <td style="width: 10.02%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
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          <td style="width: 89.98%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.00; font-family: 'Times New Roman', Times, serif;">Notes to Financial Statements</div>
          </td>
          <td style="width: 10.02%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.00; font-family: 'Times New Roman', Times, serif;"><a href="#NotestoFina">4-10</a></div>
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            <div style="line-height: 1.00; font-family: 'Times New Roman', Times, serif;">Schedule H, Line 4i &#8211; Schedule of Assets (Held at End of Year) &#8211; December 31, 2019</div>
          </td>
          <td style="width: 10.02%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.00; font-family: 'Times New Roman', Times, serif;"><a href="#ScheduleHLine4">11</a></div>
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            <div style="line-height: 1.00; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <div style="line-height: 1.00; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <div style="line-height: 1.00; font-family: 'Times New Roman', Times, serif;">EXHIBIT</div>
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            <div style="line-height: 1.00; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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          <td style="width: 89.98%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.00; font-family: 'Times New Roman', Times, serif;">Exhibit 23 Consent of Independent Registered Public Accounting Firm- Mauldin &amp; Jenkins, LLC</div>
          </td>
          <td style="width: 10.02%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1;"><a href="exhibit23.htm">Exhibit 23</a></div>
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    <div style="text-align: center; line-height: 1.00; font-size: 12pt; font-weight: bold;"><a name="REPORTOFINDEPENDENT"><!--Anchor--></a>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="line-height: 1.00; font-weight: bold;">To the Plan Administrator and Plan Participants</div>
    <div style="line-height: 1.00; font-weight: bold;">Covenant Transportation Group 401(k) &amp; Profit Sharing Plan</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="line-height: 1.00; font-weight: bold;">Opinion on the Financial Statements</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00;">We have audited the accompanying statements of net assets available for benefits<font style="font-size: 8pt;">&#160;</font>of the <font style="font-weight: bold;">Covenant Transportation Group 401(k)
        &amp; Profit Sharing Plan </font>(the &#8220;Plan&#8221;) as of December 31, 2019 and 2018, and the related statement of changes in net assets available for benefits for the year ended December 31, 2019, and the related notes to the financial statements
      (collectively the <font style="font-style: italic;">financial statements</font>).&#160; In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018,
      and the changes in net assets available for benefits for the year ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America.</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00; font-weight: bold;">Basis for Opinion</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00;">These financial statements are the responsibility of the Plan&#8217;s management. Our responsibility is to express an opinion on the Plan&#8217;s financial statements based on our audits. We are a public
      accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and
      regulations of the Securities and Exchange Commission and the PCAOB.</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial
      statements are free of material misstatement, whether due to error or fraud.</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00;">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those
      risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
      as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00; font-weight: bold;">Report on Supplemental Information</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00;">The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2019 has been subjected to audit procedures performed in conjunction with the audit of the
      Plan&#8217;s financial statements.&#160; The supplemental information is the responsibility of the Plan's management.&#160; Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying
      accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information.&#160; In forming our opinion on the supplemental information in the accompanying
      schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor&#8217;s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security
      Act of 1974.&#160; In our opinion, the supplemental information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00;">/s/ Mauldin &amp; Jenkins, LLC</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00;">We have served as the Plan&#8217;s auditor since 2018.<a name="SRC_PPCEBPq20131f0c5b49a57e9e7"></a></div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="line-height: 1.00;">Chattanooga, Tennessee</div>
    <div style="line-height: 1.00;">June 19, 2020</div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;"><a name="SRC_PPCEBPq20133d116653955d5b5"></a><a name="SRC_PPCEBPq2013607efcab8440396"></a><a name="SRC_PPCEBPq2013618d557a9cb438f"></a><a name="SRC_PPCEBPq2013c17cf1febc1ea17"></a><a name="SRC_PPCEBPq2013ae81f55a981475b"></a><a name="SRC_PPCEBPq20132759d64ca3d8427"></a>&#160;</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
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        <tr>
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            <div style="text-align: center; line-height: 1.00; font-weight: bold;">COVENANT TRANSPORTATION GROUP 401(k) &amp; PROFIT SHARING PLAN</div>
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        <tr>
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            <div style="text-align: center; line-height: 1.00;"><a name="StatementsofNetAssets"><!--Anchor--></a>Statements of Net Assets Available for Benefits</div>
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        </tr>
        <tr>
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            <div style="text-align: center; line-height: 1.00;">December&#160;31, 2019&#160; and 2018</div>
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    </table>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z98664fa630aa491da067e4ce47f9acba" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
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            <div style="line-height: 1.00;">&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
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        <tr>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div style="line-height: 1.00;">14,861</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">17,936</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div style="line-height: 1.00;">55,858,385</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">45,563,202</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">&#160;&#160;Notes receivable from participants</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">1,738,021</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">1,565,379</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">&#160;&#160;Participants' contribution receivable</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">52,862</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">108,766</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">&#160;&#160;Company contribution receivable</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">16,670</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">43,115</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 1px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">&#160;&#160;Other receivable</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">3,607</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">3,969</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">&#160;&#160;&#160;&#160;&#160;Net assets available for benefits</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">57,684,406</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">47,302,367</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">See accompanying notes to financial statements.</div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z525c82053d954130920d79b9599c3dd2">

        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">COVENANT TRANSPORTATION GROUP 401(k) &amp; PROFIT SHARING PLAN</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.00;"><a name="StatementofChangesinNet"><!--Anchor--></a>Statement of Changes in Net Assets Available for Benefits</div>
          </td>
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        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.00;">Year Ended December&#160;31, 2019</div>
          </td>
        </tr>

    </table>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z585a1c84ecac4ef88208ec9788f91e8d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="line-height: 1.00;">&#160;&#160;Investment income:</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">&#160;&#160;&#160;&#160;Interest and dividends</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">837,565</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 1px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">&#160;&#160;&#160;&#160;Net appreciation in fair value of investments</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">7,430,195</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">8,267,760</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">&#160;&#160;Interest on notes receivable from participants</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">114,816</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">6,382,596</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">&#160;&#160;Rollovers from participants</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">194,970</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 1px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">&#160;&#160;Contributions from Company</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">1,863,380</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">&#160;&#160;&#160;&#160;&#160;&#160;Total additions</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">16,823,522</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Net increase in net assets available for benefits</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">10,356,668</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">25,371</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Net assets available for benefits at beginning of year</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">47,302,367</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">&#160;</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Net assets available for benefits at end of year</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">57,684,406</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
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    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">See accompanying notes to financial statements.</div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00; font-weight: bold;">COVENANT TRANSPORTATION GROUP 401(k) &amp; PROFIT SHARING PLAN</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;"><a name="NotestoFina"><!--Anchor--></a>Notes to Financial Statements</div>
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        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="line-height: 1.00; font-weight: bold;">(1)</div>
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          <td style="width: 95%; vertical-align: top;">
            <div style="line-height: 1.00; font-weight: bold;">Summary of Significant Accounting Policies</div>
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        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 95%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
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          <td style="width: 95%; vertical-align: top; text-align: justify;" rowspan="1">The following is a summary of significant accounting policies followed by the Covenant Transportation Group 401(k) &amp; Profit Sharing Plan (the &#8220;Plan&#8221;), in preparing
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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
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            <div style="line-height: 1.00;">&#160;</div>
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            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">Basis of Presentation</div>
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        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">&#160;</td>
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        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif;">The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting and present the net assets available for
              benefits and changes in those net assets.</div>
            <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
            <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and
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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
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        <tr>
          <td style="width: 5.19%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">(b)</div>
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            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">Investments and Investment Income</div>
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        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif;">Investments in cash, mutual funds, common stock, and the collective trusts are stated at fair value based on quoted market prices or as determined by
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            <div style="line-height: 1; font-family: 'Times New Roman',Times,serif;">&#160;</div>
            <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif;">Realized and unrealized gains and losses are included in net appreciation&#160;in fair value of investments in the statement of changes in net assets
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            <div style="line-height: 1; font-family: 'Times New Roman',Times,serif;">&#160;</div>
            <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif;">The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market volatility and
              credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially
              affect participants&#8217; account balances and the amounts reported in the financial statements and supplemental schedule.</div>
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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160; <br>
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        <tr>
          <td style="width: 4.81%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 5.19%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.00; font-style: italic; font-weight: bold;">(c)</div>
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          <td style="width: 90%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.00; font-style: italic; font-weight: bold;">Notes Receivable From Participants</div>
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        </tr>
        <tr>
          <td rowspan="1" style="width: 4.81%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5.19%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 90%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 4.81%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5.19%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 90%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif;">The Plan records participant loans as notes receivable from participants. They are valued at the unpaid principal balances plus accrued interest.
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            <div style="line-height: 1.00;"><br style="line-height: 1.00;">
            </div>
            <div style="text-align: justify; line-height: 1; font-family: 'Times New Roman',Times,serif;">Interest income is recorded on the accrual basis.&#160; Related fees are recorded as administrative expenses and are expensed when they are incurred.&#160; No
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        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 5.19%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.00; font-style: italic; font-weight: bold;">(d)</div>
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          <td style="width: 89.81%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.00; font-style: italic; font-weight: bold;">Events Occurring After Reporting Date</div>
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        </tr>
        <tr>
          <td rowspan="1" style="width: 5%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5.19%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5.19%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top; text-align: justify;">Plan management has evaluated events and transactions that occurred between December 31, 2019&#160;and the issuance of the report for possible recognition or disclosure
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        </tr>

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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;<br>
    </div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00; font-weight: bold;">COVENANT TRANSPORTATION GROUP 401(k) &amp; PROFIT SHARING PLAN</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">Notes to Financial Statements</div>
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        <tr>
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            <div style="line-height: 1.00; font-weight: bold;">(2)</div>
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        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 95%; vertical-align: top;" rowspan="1">&#160;</td>
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        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 95%; vertical-align: top; text-align: justify;" rowspan="1">The following description of the Plan provides only general information. Participants should refer to the plan document for a more complete description of the Plan&#8217;s
            provisions.</td>
        </tr>

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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
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        <tr>
          <td style="width: 5.19%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
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            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">(a)</div>
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          <td style="width: 89.81%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">General</div>
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        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
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        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
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          <td rowspan="1" style="width: 89.81%; vertical-align: top; text-align: justify;">The Plan is a defined contribution plan that covers substantially all employees of Covenant Transportation Group, Inc., and certain subsidiaries (collectively,
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            Employees are eligible to participate in the Plan at the beginning of a calendar month after the completion of six months of service. The Plan does not include auto enrollment.</td>
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    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 61.2pt; line-height: 1.00;">&#160;</div>
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        <tr>
          <td style="width: 5.19%; vertical-align: middle;">
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          <td style="width: 89.81%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">Contributions</div>
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        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">&#160;</td>
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        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
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          <td rowspan="1" style="width: 89.81%; vertical-align: top; text-align: justify;">Contributions to the Plan may be made by both participants and the Company. Participants may contribute both pre-tax and after-tax Roth contributions up to a maximum
            of 85% of their annual compensation subject to the limitations of the Internal Revenue Code (IRC) Section&#160;415(c)(3). The Company may make discretionary matching contributions to the Plan not to exceed 6% of each employee&#8217;s compensation and may
            make other types of discretionary contributions. Annual additions to a participant&#8217;s account during any Plan year, when combined with the total annual additions to the accounts of the participant under any other qualified defined contribution
            Plan maintained by the Company, cannot exceed certain levels established under IRC Section&#160;402(g). The Company made matching contributions equal to&#160;50% of each participant&#8217;s contribution up to&#160;5%&#160;of the participant&#8217;s cash compensation during
            2019.</td>
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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
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        <tr>
          <td style="width: 5.19%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">(c)</div>
          </td>
          <td style="width: 89.81%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">Participant Accounts</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1;">The plan document requires that the assets of the Plan be accounted for separately as to participant and employer contributions and valued daily, allocating to each participant his or her share
              of income and losses. Company voluntary contributions are allocated to all eligible employees based on the employees&#8217; contributions for the period. Participant accounts may be invested in one or more of the investment funds available under
              the Plan at the direction of the participant. As of December 31, 2019, there are various mutual fund and collective trust fund options as well as the Covenant Transportation Group, Inc. 401(k) Unitized Stock Fund (&#8220;Unitized CVTI Fund&#8221;)
              option.</div>
            <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
            <div style="text-align: justify; line-height: 1;">The Unitized CVTI Fund invests principally in the common stock of Covenant Transportation Group, Inc. and holds cash or liquid short term investments to allow participants to buy or sell units
              in the fund without the usual trade period for stock transactions. Typically, the Unitized CVTI Fund holds three percent of its value in cash or liquid short-term investments. Participants may elect to transfer all or a portion of their
              balances in the Unitized CVTI Fund to any of the various fund alternatives at any time. Each participant is entitled to exercise voting rights attributable to the Company common stock allocated to his or her account and is notified by the
              Trustee prior to the time that such rights are to be exercised.</div>
          </td>
        </tr>

    </table>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 61.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00; font-weight: bold;">COVENANT TRANSPORTATION GROUP 401(k) &amp; PROFIT SHARING PLAN</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">Notes to Financial Statements</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7d9a162c8a854087bf6a0560fee5da36">

        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 5.19%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">(d)</div>
          </td>
          <td style="width: 89.81%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">Notes Receivable From Participants</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5.19%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5.19%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top; text-align: justify;">Subject to approval, a participant can secure a loan from the Plan against his/her account balance for a minimum of $1,000 up to the lesser of 50% of the vested
            account balance or $50,000. Loans may generally be repaid over one to five years. Loans must be repaid through automatic payroll deductions unless otherwise provided for by the plan administrator. A participant may only have one loan
            outstanding at a time. The interest rate is the prime rate plus 1% and is fixed over the life of the loan. Individuals with loans may choose to continue to participate in the Plan.</td>
        </tr>

    </table>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2ca0a13e47494760bc3f04e40f55c9ca">

        <tr>
          <td style="width: 5.19%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">(e)</div>
          </td>
          <td style="width: 89.81%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">Payment of Benefits</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1;">Upon retirement, death, disability, or termination of service, a participant (or participant&#8217;s beneficiary in the event of death) may elect to receive a lump-sum distribution equal to the value
              of the participant&#8217;s vested account balance.</div>
            <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
            <div style="text-align: justify; line-height: 1;">Benefits are recorded when paid.</div>
          </td>
        </tr>

    </table>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
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        <tr>
          <td style="width: 5.19%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">(f)</div>
          </td>
          <td style="width: 89.81%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">Hardship Withdrawals</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top; text-align: justify;">The Plan permits distributions in the event of a hardship once a participant furnishes proof of hardship, as defined in the plan agreement. These distributions are
            taxable and subject to a tax penalty equal to 10% of the hardship distribution amount if the participant is younger than 59 &#189;. Hardship withdrawals are limited to the participant&#8217;s elective account balance. Participants with a hardship
            withdrawal are not allowed to make contributions to the Plan for six months after the withdrawal.</td>
        </tr>

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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z100de14e0eec4e12a5af2d554fa71913">

        <tr>
          <td style="width: 5.19%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">(g)</div>
          </td>
          <td style="width: 89.81%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">Vesting</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top; text-align: justify;">Participants are immediately vested in their contributions and the investment earnings (losses) thereon. Participants vest in employer contributions&#160;20% after one
            year of credited service, 40% after two years of credited service and 100% after three years of credited service.</td>
        </tr>

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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf55cd1240712455e8b92186326015e86">

        <tr>
          <td style="width: 5.19%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">(h)</div>
          </td>
          <td style="width: 89.81%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">Forfeited Accounts</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top; text-align: justify;">Amounts forfeited by participants who terminate from the Plan prior to being 100% vested are applied first, to restore participant accounts when a participant is
            rehired after a break in service, as defined in the plan document, then to reduce subsequent Company contributions to the Plan, and finally, any remaining amounts are used to pay Plan expenses. Participants forfeited&#160;$319,279,&#160;and&#160;$314,189 was
            utilized during the year ended December 31, 2019. Forfeitures of&#160;$29,025 and&#160;$21,988&#160;were unallocated at December 31,&#160;2019 and 2018, respectively.</td>
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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zeb3b7db00a804f8988b2646445577b79">

        <tr>
          <td style="width: 5.19%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">(i)</div>
          </td>
          <td style="width: 89.81%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">Administrative Expenses</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top; text-align: justify;">Certain expenses of maintaining the Plan are paid directly by the Company and are excluded from these financial statements. Plan service fees (Note 3), participant
            account maintenance charges, and fees related to the processing of distributions and the administration of notes receivable from participants are charged directly to the respective participants&#8217; accounts and are included in administrative fees.</td>
        </tr>

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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3d702528d87a42639ecd1c5e05889f5e">

        <tr>
          <td style="width: 5.19%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">(j)</div>
          </td>
          <td style="width: 89.81%; vertical-align: top;">
            <div style="line-height: 1.00; font-style: italic; font-weight: bold;">Plan Termination</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 5.19%; vertical-align: middle;">&#160;</td>
          <td rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89.81%; vertical-align: top; text-align: justify;">While it is the Company&#8217;s intention to continue the Plan, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the
            Plan subject to the provisions of ERISA and the plan agreement. In the event of Plan termination, participants will become 100% vested in their accounts.</td>
        </tr>

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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00; font-weight: bold;">COVENANT TRANSPORTATION GROUP 401(k) &amp; PROFIT SHARING PLAN</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">Notes to Financial Statements</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z58f4e0a4a6514accbec6f08597f1f59d">

        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="line-height: 1.00; font-weight: bold;">(3)</div>
          </td>
          <td style="width: 95%; vertical-align: top;">
            <div style="line-height: 1.00; font-weight: bold;">Transactions With Parties-In-Interest</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 95%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 95%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify; line-height: 1;">At December 31, 2019 and 2018, the Plan held investments in bank accounts, collective trust funds, and money market accounts sponsored by the Trustee or affiliated entities with current values
              totaling $38,287, and&#160;$30,874&#160;respectively. The Plan also held shares of a unitized stock fund that includes Covenant Transportation Group, Inc. common stock with current values of&#160;$1,850,787&#160;and&#160;$2,972,782&#160;at December 31,&#160;2019 and 2018,
              respectively. The Plan also held notes receivables from participants with interest rates ranging from&#160;4.25% to&#160;7.25% with a current value of $1,738,021 and $1,565,379 as of December 31, 2019 and 2018, respectively. All administrative fees of
              the Plan were paid to parties-in-interest.</div>
            <div style="line-height: 1;">&#160;</div>
            <div style="text-align: justify; line-height: 1;">Transamerica Retirement Solutions Corporation (TRSC) provides certain administrative services for the Plan pursuant to a Pension Services Agreement (&#8220;Agreement&#8221;). TRSC receives revenue from
              investment plan service fees charged to participants&#8217; accounts as specified in the Agreement. This revenue is used to offset certain amounts owed to TRSC for its administrative services to the Plan (i.e. required revenue). Any excess of the
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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
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          <td style="width: 5%; vertical-align: top;">
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        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 95%; vertical-align: top;" rowspan="1">&#160;</td>
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        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 95%; vertical-align: top; text-align: justify;" rowspan="1">Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that
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        </tr>

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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
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          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 8.04%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 7.2pt; line-height: 1.00;">Level 1</div>
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            <div style="text-align: center; line-height: 1.00;">-</div>
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            <div style="text-align: justify; margin-right: 7.2pt; line-height: 1.00;">Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.</div>
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        <tr>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 8.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1.79%; vertical-align: top;">&#160;</td>
          <td style="width: 85.18%; vertical-align: top;">&#160;</td>
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        <tr>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 8.04%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 7.2pt; line-height: 1.00;">Level 2</div>
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          <td style="width: 1.79%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.00;">-&#160;</div>
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            <div style="text-align: justify; margin-right: 7.2pt; line-height: 1.00;">Inputs to the valuation methodology include:</div>
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        <tr>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 8.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1.79%; vertical-align: top;">&#160;</td>
          <td style="width: 85.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 8.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1.79%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.00;">-&#160;</div>
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        <tr>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 8.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1.79%; vertical-align: top;">&#160;</td>
          <td style="width: 85.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 8.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1.79%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.00;">-&#160;</div>
          </td>
          <td style="width: 85.18%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 7.2pt; line-height: 1.00;">Quoted prices for identical or similar assets or liabilities in inactive markets;</div>
          </td>
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        <tr>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 8.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1.79%; vertical-align: top;">&#160;</td>
          <td style="width: 85.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 8.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1.79%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.00;">-&#160;</div>
          </td>
          <td style="width: 85.18%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 7.2pt; line-height: 1.00;">Inputs other than quoted prices that is observable for the asset or liability;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 8.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1.79%; vertical-align: top;">&#160;</td>
          <td style="width: 85.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 8.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1.79%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.00;">-&#160;</div>
          </td>
          <td style="width: 85.18%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 7.2pt; line-height: 1.00;">Inputs that are derived principally from or corroborated by observable market data by correlation or other means.</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 8.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1.79%; vertical-align: top;">&#160;</td>
          <td style="width: 85.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 8.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1.79%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.00;">-&#160;</div>
          </td>
          <td style="width: 85.18%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 7.2pt; line-height: 1.00;">If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 8.04%; vertical-align: top;">&#160;</td>
          <td style="width: 1.79%; vertical-align: top;">&#160;</td>
          <td style="width: 85.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 8.04%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 7.2pt; line-height: 1.00;">Level 3</div>
          </td>
          <td style="width: 1.79%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.00;">-&#160;</div>
          </td>
          <td style="width: 85.18%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 7.2pt; line-height: 1.00;">Inputs to the valuation methodology are unobservable and significant to the fair value measurement.</div>
          </td>
        </tr>

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    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00; font-weight: bold;">COVENANT TRANSPORTATION GROUP 401(k) &amp; PROFIT SHARING PLAN</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">Notes to Financial Statements</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: justify; line-height: 1;">
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          <tr>
            <td style="width: 5%;">
              <div>&#160;</div>
            </td>
            <td style="width: 95%;">
              <div style="text-align: justify;">The asset&#8217;s or liability&#8217;s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used
                need to maximize the use of observable inputs and minimize the use of unobservable inputs.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">
              <div>&#160;</div>
            </td>
            <td style="width: 95%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">
              <div>&#160;</div>
            </td>
            <td style="width: 95%;">
              <div style="text-align: justify;">The asset&#8217;s or liability&#8217;s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used
                need to maximize the use of observable inputs and minimize the use of unobservable inputs.</div>
            </td>
          </tr>

      </table>
      <br>
    </div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0d75e3aad0d5492699fe8bc6a9f342f1">

        <tr>
          <td style="width: 5%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 8.33%; vertical-align: top;">
            <div style="line-height: 1;">(i)</div>
          </td>
          <td style="width: 86.67%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1;">Cash: Valued at its outstanding balance as reported by the Trustee.</div>
          </td>
        </tr>

    </table>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf2cda5eb08854b488f0538f8484b3d68">

        <tr>
          <td style="width: 5.16%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="line-height: 1;">(ii)</div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.00;">Mutual funds: Valued at the net asset value (NAV) of shares held by the Plan at year-end, based on closing prices reported on the active market on which the individual securities are traded.</div>
          </td>
        </tr>

    </table>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z59ff874c0ce845e9b3df20b55b28cf4d">

        <tr>
          <td style="width: 5.16%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td style="width: 8%; vertical-align: top;">
            <div style="line-height: 1;">(iii)</div>
          </td>
          <td style="width: 87%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.00;">Unitized stock fund: The Unitized CVTI Fund is comprised of Covenant Transportation Group, Inc., common stock and cash. The common stock is carried at fair value based on the closing price as
              reported on the active market. Investments in the fund are stated at estimated fair values, which have been determined based on unit values. Unit values are determined by dividing the fund&#8217;s net assets at fair value by its units outstanding
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          </td>
        </tr>

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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="z8c14ccf75af040fbaa444b6da8cdd988">

        <tr>
          <td style="width: 5%;">
            <div>&#160;</div>
          </td>
          <td style="width: 95%;">
            <div style="text-align: justify;">The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan's management believes its
              valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at
              the reporting date. </div>
          </td>
        </tr>

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    &#160;
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
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    </div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00; font-weight: bold;">COVENANT TRANSPORTATION GROUP 401(k) &amp; PROFIT SHARING PLAN</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">Notes to Financial Statements</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="margin-right: 7.2pt; margin-left: 34.2pt; line-height: 1.00;">The following tables set forth by level, within the fair value hierarchy, the Plan&#8217;s assets at fair value as of December 31, 2019 and 2018:</div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 34.2pt; line-height: 1.00;">&#160;</div>
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        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.00;">Fair value Measurements as of</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.00;">December&#160;31, 2019 Using the Following Inputs</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 34.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="za1022384f91940c3895fafc7fb28b46f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 1px;">
            <div style="text-align: center; line-height: 1.00;">Total</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 1px;">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">Level 1</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 1px;">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">Level 2</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 1px;">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">Level 3</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
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            <div style="line-height: 1.00;">Cash</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">38,287</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">38,287</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Mutual funds</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">52,345,946</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">52,345,946</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">-</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">-</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Unitized CVTI fund</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">1,850,787</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">-</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">1,850,787</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Total assets in the fair value hierarchy</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">54,235,020</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">52,384,233</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">1,850,787</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Investments measured at NAV as a practical expedient (a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">1,623,365</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Total investments at fair value</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">55,858,385</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
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    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 34.2pt; line-height: 1.00;">&#160;</div>
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        <tr>
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            <div style="text-align: center; line-height: 1.00;">Fair value Measurements as of</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.00;">December&#160;31, 2018 Using the Following Inputs</div>
          </td>
        </tr>

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    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 34.2pt; line-height: 1.00;">&#160;</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 1px;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 1px;">
            <div style="text-align: center; line-height: 1.00;">Total</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 1px;">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">Level 1</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 1px;">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">Level 2</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 1px;">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">Level 3</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Cash</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">30,874</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">30,874</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Mutual funds</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">40,950,980</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">40,950,980</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Unitized CVTI fund</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">2,972,782</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">2,972,782</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Total assets in the fair value hierarchy</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">43,954,636</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">40,981,854</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">2,972,782</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Investments measured at NAV as a practical expedient (a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 1px; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">1,608,566</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Total investments at fair value</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">45,563,202</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 34.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zeb7cfcdcdc3041ee9f90eb66a7a6398c">

        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: justify; line-height: 1.00;">(a) Certain investments are measured at NAV as a practical expedient to estimate fair value and, therefore, have not been classified in the fair value hierarchy. The fair value amounts
              presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-right: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00; font-weight: bold;">COVENANT TRANSPORTATION GROUP 401(k) &amp; PROFIT SHARING PLAN</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">Notes to Financial Statements</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">The following table summarizes investments for which the fair value is measured using the NAV per share practical expedient as of December 31, 2019 and 2018, respectively.</div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z1f5c652d6b9c42c981f5334ac09a402e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 21%;">
            <div style="line-height: 1.00;">Description</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.00;">Fair Value December 31, 2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.00;">Fair Value December 31, 2018</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.00;">Unfunded Commitments</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); width: 20px;">
            <div style="text-align: center; line-height: 1.00;">Redemption Frequency (if Currently Eligible)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20%; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.00;">Redemption Notice Period</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 21%; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.00;">Collective Trust Fund</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">1,623,365</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">1,608,566</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">N/A</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20px; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.00;">Daily</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 20%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.00;">None</div>
          </td>
        </tr>

    </table>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zde1d892684ef4fcb82417382b5534767">

        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="line-height: 1.00; font-weight: bold;">(5)</div>
          </td>
          <td style="width: 95%; vertical-align: top;">
            <div style="line-height: 1.00; font-weight: bold;">Income Tax Status</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 95%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 95%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify; line-height: 1;">The Company adopted a volume submitter plan, which received a favorable opinion letter from the Internal Revenue Service (IRS) on March 31, 2014, which stated that the volume submitter plan was
              designed in accordance with the applicable sections of the IRC. The Plan itself has not received a determination letter from the IRS stating that the Plan is qualified under Section 401(a) of the IRC. However, the plan administrator believes
              that the adopted volume submitter plan is designed, as amended, and is currently being operated in compliance with the applicable requirements of the IRC and is therefore, qualified and exempt from taxation.</div>
            <div style="line-height: 1;">&#160;</div>
            <div style="text-align: justify; line-height: 1;">Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan
              has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2019 and 2018,
              there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there
              are currently no audits for any tax periods in progress.</div>
          </td>
        </tr>

    </table>
    <br>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7a19993b5a384e259cbc8065b8e3151b">

        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="line-height: 1.00; font-weight: bold;">(6)</div>
          </td>
          <td style="width: 95%; vertical-align: top;">
            <div style="line-height: 1.00; font-weight: bold;">Subsequent Events</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 95%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 95%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify; line-height: 1;">The coronavirus disease (&#8220;COVID-19&#8221;) pandemic has had an unprecedented impact on global and North American economic conditions and has resulted in substantial volatility in the financial
              markets. This market volatility has affected, and may continue to affect, the fair values of Plan assets, including investments in the Unitized CVTI Fund. The ultimate impact of COVID-19 on the Plan's financial position and results of
              operations is dependent upon future developments, including the duration of the pandemic and the associated length of its impact on the global economy, which cannot be predicted at this time.</div>
            <div style="line-height: 1.00;"><br style="line-height: 1.00;">
            </div>
            <div style="text-align: justify; line-height: 1;">On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was enacted. The CARES Act is a stimulus package that is a part of a series of bills meant to address
              the economic uncertainties associated with COVID-19. The CARES Act contains provisions that will temporarily impact the Plan, including allowing certain eligible individuals to receive coronavirus-related distributions, delaying participant
              loan repayments and increasing the maximum amount of such participant loans, and suspending required minimum distributions.</div>
          </td>
        </tr>

    </table>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="margin-right: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z47d6a262f5e34cc7b081637417fe7475">

        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">COVENANT TRANSPORTATION GROUP 401(k) &amp; PROFIT SHARING PLAN</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">EIN 88-0320154 Plan No. 001</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;"><a name="ScheduleHLine4"><!--Anchor--></a>Schedule H, Line 4i - Schedule of Assets (Held at End of Year)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">Plan Year Ended: December&#160;31, 2019</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zb5bfe1e989c245b19922eb5b98d93525" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">(a)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">(b)<br>
              Identity of Issuer, Borrower, Lessor or Similar Party</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">(c)<br>
              Description of Investment, Including Maturity Date, Rate of Interest, Par or Maturity Value</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.00; font-weight: bold;">(e)<br>
              Current Value</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 1px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00; font-weight: bold;">*</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">State Street Bank &amp; Trust Co.</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Cash Reserve Account</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="line-height: 1.00; font-weight: bold;">$</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00; font-weight: bold;">53,148</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.00;">Well's Fargo</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="line-height: 1.00;">Wells Fargo Stable Return C</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.00;">1,623,365</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">&#160;&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00; font-weight: bold;">Collective Trust Total</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00; font-weight: bold;">1,623,365</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">American Funds</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">American Funds 2010 Trgt Date Retire R6</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">558,062</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">American Funds</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">American Funds 2015 Trgt Date Retire R6</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">1,257,350</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">American Funds</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">American Funds 2020 Trgt Date Retire R6</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">4,399,062</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">American Funds</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">American Funds 2025 Trgt Date Retire R6</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">8,500,008</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">American Funds</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">American Funds 2030 Trgt Date Retire R6</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">7,404,109</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">American Funds</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">American Funds 2035 Trgt Date Retire R6</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">4,948,358</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">American Funds</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">American Funds 2040 Trgt Date Retire R6</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">4,207,204</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">American Funds</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">American Funds 2045 Trgt Date Retire R6</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">3,619,033</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">American Funds</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">American Funds 2050 Trgt Date Retire R6</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">2,356,038</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">American Funds</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">American Funds 2055 Trgt Date Retire R6</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">1,951,581</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">American Funds</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">American Funds 2060 Trgt Date Retire R6</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">399,239</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">American Funds</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">American Funds AMCAP R6</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">1,415,664</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">American Funds</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">American Funds Capital World Growth &amp; Income R6</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">312,845</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">American Funds</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">American Funds EuroPacific Growth R6</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">1,248,704</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Dreyfus</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Dreyfus/Standish Global Fixed Income Y</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">289,468</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Eaton Vance</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Eaton Vance Income Fund of Boston R6</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">539,935</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Hartford</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Hartford Midcap Y</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">537,222</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Hartford</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Hartford Schroders Emerging Markets Equity Y</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">528,970</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">JP Morgan</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">JPMorgan Mid Cap Value R6</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">315,629</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Metropolitan West</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Metropolitan West Total Return Bond Plan</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">1,422,030</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">&#160;MFS</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">MFS Value R6</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">1,654,776</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">T. Rowe Price</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">T. Rowe Price QM US Small-Cap Growth Equity I</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">706,234</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Vanguard</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Vanguard 500 Index Adm</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">1,550,650</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Vanguard</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Vanguard Mid Cap Index Adm</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">1,090,771</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Vanguard</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Vanguard Small Cap Index Adm</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">787,461</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Vanguard</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">Vanguard Total Bond Market Index Adm</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">74,342</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Vanguard</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">Vanguard Total International Stock Index Adm</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">69,884</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.00;">Victory</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: rgb(204, 238, 255); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="line-height: 1.00;">Victory Integrity Small-Cap R6</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.00;">201,317</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00;">&#160;&#160;</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #FFFFFF;">
            <div style="line-height: 1.00; font-weight: bold;">Mutual Funds Total</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div style="line-height: 1.00; font-weight: bold;">52,345,946</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: #CCEEFF;">
            <div style="line-height: 1.00;">&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.00;">*</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; padding-bottom: 1px; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.00;">Covenant Transportation Group, Inc.</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 38.5%; background-color: rgb(255, 255, 255); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="line-height: 1.00;">Employer Stock Fund Total</div>
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            <div style="line-height: 1.00; font-weight: bold;">1,850,787</div>
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            <div style="line-height: 1.00;">COVENANT TRANSPORTATION GROUP 401(K) &amp; PROFIT SHARING PLAN</div>
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            <div style="line-height: 1.00;">&#160;</div>
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            <div style="line-height: 1.00;">&#160;</div>
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          <td style="width: 49%; vertical-align: middle;">
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            <div style="line-height: 1.00;">&#160;</div>
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          <td style="width: 2.89%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
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          <td style="width: 49%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
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            <div style="line-height: 1.00;">&#160;</div>
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          <td style="width: 3.11%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
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          <td style="width: 2.89%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
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            <div style="line-height: 1.00;">&#160;</div>
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            <div style="line-height: 1.00;">Dated:&#160;<a name="z10531F2019561559853142640"></a>June 19, 2020</div>
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          <td style="width: 2.89%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
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          <td style="width: 49%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">
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            <div style="line-height: 1.00;">&#160;</div>
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          <td style="width: 3.11%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
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          <td style="width: 2.89%; vertical-align: middle;">
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          <td style="width: 3.11%; vertical-align: middle;">
            <div style="line-height: 1.00;">&#160;</div>
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          <td style="width: 2.89%; vertical-align: middle;">
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    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
    <div style="margin-right: 7.2pt; margin-left: 7.2pt; line-height: 1.00;">&#160;</div>
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            <div style="line-height: 1.00;">&#160;</div>
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          <td style="width: 83.93%; vertical-align: middle;">
            <div style="line-height: 1.00;"><u>Description of Exhibit</u></div>
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        <tr>
          <td style="width: 12.79%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.00;"><a href="exhibit23.htm">23</a></div>
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            <div style="line-height: 1.00;">&#160;</div>
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          <td style="width: 83.93%; vertical-align: middle;">
            <div style="line-height: 1.00;">Consent of Independent Registered Public Accounting Firm &#8211; Mauldin &amp; Jenkins, LLC</div>
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        </tr>
        <tr>
          <td style="width: 12.79%; vertical-align: middle;">&#160;</td>
          <td style="width: 3.29%; vertical-align: middle;">&#160;</td>
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    <br>
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<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>exhibit23.htm
<DESCRIPTION>EXHIBIT 23 (CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - MAULDIN & JENKINS, LLC)
<TEXT>
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  <div>
    <div style="text-align: right; line-height: 1.00;"><br>
    </div>
    <div style="line-height: 1; text-align: right;"><font style="font-weight: bold;">Exhibit 23</font><br style="line-height: 1;">
    </div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: center; line-height: 1.00;"><u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u></div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
    </div>
    <div style="text-align: justify; line-height: 1.00;">We consent to the incorporation by reference in the Registration Statements on Form S-8 (No. 333-2654) of Covenant Transportation Group, Inc. of our report dated June 19,
      2020&#160;with respect to the statements&#160;of net assets available for benefits of Covenant Transportation Group 401(k) &amp; Profit Sharing Plan as of December 31, 2019 and 2018, the related statement of changes in net assets available for benefits for the
      year ended December 31, 2019, and the related supplemental schedule as of December 31, 2019, which report appears in the December 31, 2019 Annual Report on Form 11-K of Covenant Transportation Group 401(k) &amp; Profit Sharing Plan.</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
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    <div style="line-height: 1.00;">/s/ Mauldin &amp; Jenkins, LLC</div>
    <div style="line-height: 1.00;"><br style="line-height: 1.00;">
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    <div style="line-height: 1.00;">Chattanooga, Tennessee</div>
    <div style="line-height: 1.00;">June 19, 2020</div>
    <div style="line-height: 1.00;"> <br>
    </div>
    <div style="line-height: 1.00;"> <br>
    </div>
    <div style="text-align: center; line-height: 1; font-family: 'Times New Roman',Times,serif;"><a href="form11k.htm">Back to Form 11-K</a><br>
    </div>
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</SEC-DOCUMENT>
