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<SEC-DOCUMENT>0001169232-08-001284.txt : 20080310
<SEC-HEADER>0001169232-08-001284.hdr.sgml : 20080310
<ACCEPTANCE-DATETIME>20080310155821
ACCESSION NUMBER:		0001169232-08-001284
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080417
FILED AS OF DATE:		20080310
DATE AS OF CHANGE:		20080310
EFFECTIVENESS DATE:		20080310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NAIC GROWTH FUND INC
		CENTRAL INDEX KEY:			0000850027
		IRS NUMBER:				311274796
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05807
		FILM NUMBER:		08677810

	BUSINESS ADDRESS:	
		STREET 1:		711 WEST THIRTEEN MILE RD
		CITY:			MADISON HEIGHTS
		STATE:			MI
		ZIP:			48071
		BUSINESS PHONE:		8105836242

	MAIL ADDRESS:	
		STREET 1:		711 WEST THIRTEEN MILE RD
		CITY:			MADISON HEIGHTS
		STATE:			MI
		ZIP:			48071

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BETTER INVESTING FUND INC
		DATE OF NAME CHANGE:	19890716
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d73841_def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-SIZE: 12pt; FONT-FAMILY: 'TIMES NEW ROMAN'">
        <div style="WIDTH: 600px">
            <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b>SCHEDULE 14A INFORMATION STATEMENT</b></p>

            <p></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b><font style="FONT-VARIANT: small-caps">Proxy Statement Pursuant to Section 14(a) of
            the Securities<br>
            <br>
            Exchange Act of 1934</font></b></p>

            <p></p>

            <p></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
            Filed by the Registrant <font style="FONT-FAMILY: 'WINGDINGS'">&thorn;</font><br>
            <br>
            Filed by a Party other than the Registrant
            <font style="FONT-FAMILY: 'WINGDINGS'">o</font><br>
            <br>
            Check the appropriate box:<br>
            <font face="Times New Roman, Times, serif"><font size="2"><font style="FONT-FAMILY: 'WINGDINGS'">
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font></font></p>

            <table cellspacing="0" cellpadding="0" width="600">
                <tr height="19">
                    <td valign="top" width="27">
                    </td>

                    <td valign="top" width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: 'WINGDINGS'" align="left">
                        <font face="Times New Roman, Times, serif" size="2"><font face="Wingdings" size="+0">
                        o</font>&nbsp;&nbsp;</font></p>
                    </td>

                    <td valign="top" width="539">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in" align="justify">
                        <font size="2">Preliminary Proxy Statement</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="27">
                    </td>

                    <td valign="top" width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: 'WINGDINGS'" align="left">
                        <font face="Times New Roman, Times, serif" size="2"><font face="Wingdings" size="+0">
                        o</font>&nbsp;&nbsp;</font></p>
                    </td>

                    <td valign="top" width="539">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in" align="justify">
                        <font face="Times New Roman, Times, serif" size="2">Confidential, for use
                        of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="27">
                    </td>

                    <td valign="top" width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: 'WINGDINGS'" align="left">
                        <font face="Times New Roman, Times, serif" size="2"><font face="Wingdings" size="+0">
                        x</font>&nbsp;&nbsp;</font></p>
                    </td>

                    <td valign="top" width="539"><font size="2">Definitive Proxy
                    Statement</font></td>
                </tr>

                <tr>
                    <td valign="top" width="27">
                    </td>

                    <td valign="top" width="34">
                        <div align="left">
                            <font face="Wingdings"><font face="Wingdings" size="+0">o</font></font>
                        </div>
                    </td>

                    <td valign="top" width="539"><font size="2">Definitive Additional
                    Materials</font></td>
                </tr>

                <tr>
                    <td valign="top" width="27">
                    </td>

                    <td valign="top" width="34">
                        <div align="left">
                            <font face="Wingdings" size="+0">o</font>
                        </div>
                    </td>

                    <td valign="top" width="539">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in" align="justify">
                        <font face="Times New Roman, Times, serif" size="2">Soliciting Material
                        Pursuant to &sect; 240.14a-11(c) or &sect; 240.14a-12</font></p>
                    </td>
                </tr>
            </table>
            <br>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b><font style="FONT-SIZE: 16pt; COLOR: #000000; FONT-FAMILY: 'LITHOGRAPH'">NAIC Growth
            Fund, Inc.</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            (Name of Registrant as Specified in its Charter)</p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            </p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td colspan="3"><font size="2">Payment of Filing Fee (Check the appropriate
                    box):</font></td>
                </tr>
            </table>
            <br>
            <br>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td width="28">
                    </td>

                    <td width="28">
                        <div align="center">
                            <font face="Wingdings" size="+0">x&nbsp;</font>
                        </div>
                    </td>

                    <td width="540"><font face="Times New Roman, Times, serif" size="2">No fee
                    required</font> </td>

                    <td width="32">&nbsp;</td>
                </tr>

                <tr>
                    <td width="28">
                    </td>

                    <td width="28">
                        <div align="center">
                            <font face="Wingdings" size="+0">o&nbsp;</font>
                        </div>
                    </td>

                    <td colspan="2"><font size="2">Fee computed on table below per
                    Exchange</font></td>
                </tr>
            </table>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td width="61">
                    </td>

                    <td width="19">&nbsp;</td>

                    <td width="524">&nbsp;</td>
                </tr>

                <tr>
                    <td width="61">
                    </td>

                    <td valign="top" width="19">
                        <div align="right">
                            <font size="2">(1)&nbsp;&nbsp;</font>
                        </div>
                    </td>

                    <td width="524"><font size="2">Title of each class of securities to which
                    transaction applies:</font></td>
                </tr>

                <tr>
                    <td width="61">
                    </td>

                    <td width="19">&nbsp;</td>

                    <td width="524">&nbsp;</td>
                </tr>

                <tr>
                    <td width="61">
                    </td>

                    <td width="19">
                        <div align="right">
                            <font size="2">(2)&nbsp;&nbsp;</font>
                        </div>
                    </td>

                    <td width="524"><font size="2">Aggregate number of securities to which
                    transaction applies:</font></td>
                </tr>

                <tr valign="top" align="right">
                    <td width="61">
                    </td>

                    <td width="19">&nbsp;</td>

                    <td width="524">&nbsp;</td>
                </tr>

                <tr valign="top" align="right">
                    <td width="61">
                    </td>

                    <td valign="top" width="19">
                        <div align="right">
                            <font style="FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">(3)&nbsp;&nbsp;</font>
                        </div>
                    </td>

                    <td width="524">
                        <p align="left">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif" size="2">
                        Per unit price or other underlying value of transaction computed pursuant
                        to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is
                        calculated and state how it was determined):</font></p>
                    </td>
                </tr>

                <tr>
                    <td width="61">
                    </td>

                    <td width="19">&nbsp;</td>

                    <td width="524">&nbsp;</td>
                </tr>

                <tr>
                    <td width="61">
                    </td>

                    <td valign="top" width="19">
                        <div align="right">
                            <font style="FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">(4)&nbsp;&nbsp;</font>
                        </div>
                    </td>

                    <td width="524"><font style="FONT-SIZE: 10pt" size="2">Proposed maximum
                    aggregate value of transaction</font></td>
                </tr>

                <tr>
                    <td width="61">
                    </td>

                    <td width="19">&nbsp;</td>

                    <td width="524">&nbsp;</td>
                </tr>

                <tr>
                    <td width="61">
                    </td>

                    <td valign="top" width="19">
                        <div align="right">
                            <font style="FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">(5)&nbsp;&nbsp;</font>
                        </div>
                    </td>

                    <td width="524"><font size="2">Total fee paid</font></td>
                </tr>
            </table>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td>
                    </td>

                    <td width="32">&nbsp;</td>

                    <td colspan="2">&nbsp;</td>
                </tr>

                <tr>
                    <td width="28">
                    </td>

                    <td width="32">
                        <div align="left">
                            <font face="Wingdings" size="+0">o</font>
                        </div>
                    </td>

                    <td colspan="2"><font size="2">Fee paid previously with preliminary
                    materials.</font></td>
                </tr>

                <tr valign="top">
                    <td>
                    </td>

                    <td width="32">&nbsp;</td>

                    <td colspan="2">&nbsp;</td>
                </tr>

                <tr valign="top">
                    <td width="28">
                    </td>

                    <td width="32">
                        <div align="left">
                            <font face="Wingdings">o</font>
                        </div>
                    </td>

                    <td colspan="2"><font size="2">Check box if any part of the fee is offset as
                    provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the
                    offsetting fee was paid previously. Identify the previous filing by
                    registration statement number, or the Form or Schedule and the date of its
                    filing.</font></td>
                </tr>

                <tr>
                    <td width="28">
                    </td>

                    <td width="32">&nbsp;</td>

                    <td colspan="2">&nbsp;</td>
                </tr>
            </table>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td width="61">
                    </td>

                    <td>
                        <div align="right">
                            <font style="FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">(1)&nbsp;&nbsp;</font>
                        </div>
                    </td>

                    <td width="527"><font size="2">Amount Previously Paid:</font></td>
                </tr>

                <tr height="15">
                    <td width="61">
                    </td>

                    <td width="19">&nbsp;</td>

                    <td width="527">&nbsp;</td>
                </tr>

                <tr height="23">
                    <td width="61">
                    </td>

                    <td valign="top" width="19">
                    <font style="FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">(2)</font>
                    <font size="2">&nbsp;&nbsp;</font> </td>

                    <td valign="top" width="527"><font size="2">Form, Schedule or Registration
                    Statement No.</font> </td>
                </tr>

                <tr>
                    <td width="61">
                    </td>

                    <td valign="top" width="19">
                        <div align="right">
                            <font style="FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">(3)&nbsp;&nbsp;</font>
                        </div>
                    </td>

                    <td width="527"><font size="2">Filing Party</font></td>
                </tr>

                <tr>
                    <td width="61">
                    </td>

                    <td width="19">&nbsp;</td>

                    <td width="527">&nbsp;</td>
                </tr>

                <tr>
                    <td width="61">
                    </td>

                    <td valign="top" width="19">
                        <div align="right">
                            <font style="FONT-FAMILY: 'TIMES NEW ROMAN'" size="2">(4)&nbsp;&nbsp;</font>
                        </div>
                    </td>

                    <td width="527"><font size="2">Date Filed:</font></td>
                </tr>
            </table>
            <br>

            <p></p>
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            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b><font style="FONT-SIZE: 14pt">NAIC GROWTH FUND, INC.<br>
            </font></b></p>

            <p></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b>NOTICE OF 2008 ANNUAL MEETING OF SHAREHOLDERS</b><br>
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">To the Shareholders of NAIC Growth
            Fund, Inc.:</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">Notice is hereby given that the
            2008 Annual Meeting of Shareholders (&ldquo;Meeting&rdquo;) of the NAIC Growth Fund,
            Inc. (&ldquo;Fund&rdquo;) will be held at the offices of the National Association of
            Investors Corporation (&ldquo;NAIC&rdquo;) located at 711 West Thirteen Mile Road,
            Madison Heights, Michigan, on Thursday, April 17, 2008 at 1:00 p.m. local time for the
            following purposes:</font></p>

            <table cellspacing="0" cellpadding="0" width="600">
                <tr>
                    <td width="39">
                    </td>

                    <td valign="top" width="40">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-FAMILY: 'TIMES NEW ROMAN'" face="Times New Roman, Times, serif" size="2">
                        1.</font></p>
                    </td>

                    <td valign="top" width="521">
                        <p dir="ltr" style="FONT-SIZE: 12pt; MARGIN: 0pt 0px 12pt 0in; TEXT-INDENT: 0px" align="justify">
                        <font face="Times New Roman, Times, serif" size="2">To elect a Board of
                        five (5) directors</font></p>
                    </td>
                </tr>
            </table>
            <br>

            <table cellspacing="0" cellpadding="0">
                <tr>
                    <td width="37">
                    </td>

                    <td valign="top" width="42">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-FAMILY: 'TIMES NEW ROMAN'" face="Times New Roman, Times, serif" size="2">
                        2.</font></p>
                    </td>

                    <td valign="top" width="511">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font face="Times New Roman, Times, serif" size="2">To ratify the selection
                        of Plante &amp; Moran, PLLC as independent registered public accountants of
                        the Fund for the calendar year ending December 31, 2008; and</font></p>
                    </td>
                </tr>
            </table>
            <br>

            <table cellspacing="0" cellpadding="0">
                <tr>
                    <td width="38">
                    </td>

                    <td valign="top" width="42">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px">
                        <font style="FONT-FAMILY: 'TIMES NEW ROMAN'" face="Times New Roman, Times, serif" size="2">
                        3.</font></p>
                    </td>

                    <td valign="top" width="510">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font face="Times New Roman, Times, serif" size="2">To act upon such other
                        business as may properly come before the Meeting or any adjournment
                        thereof.</font></p>
                    </td>
                </tr>
            </table>
            <br>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">The Board of Directors
            (&ldquo;Board&rdquo;) has fixed the close of business on February 19, 2008 as the
            record date for the determination of shareholders entitled to vote at the Meeting or
            any adjournment thereof.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">You are cordially invited to attend
            the Meeting. If you do not expect to attend the Meeting in person, please complete,
            date and sign the enclosed proxy form and return it promptly in the envelope provided.
            The enclosed proxy is being solicited on behalf of the Board of the Fund.<br>
            <br>
            </font></p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td width="288">
                    </td>

                    <td width="12">
                    </td>

                    <td width="288"><font face="Times New Roman, Times, serif" size="2">By Order of
                    the Board of Directors</font></td>

                    <td width="12">
                    </td>
                </tr>

                <tr>
                    <td width="288">
                    </td>

                    <td width="12">
                    </td>

                    <td width="288">&nbsp;&nbsp;</td>

                    <td width="12">
                    </td>
                </tr>

                <tr>
                    <td width="288">
                    </td>

                    <td width="12">
                    </td>

                    <td width="288"><font face="Times New Roman, Times, serif" size="2">Christopher
                    J. Dine, Secretary</font></td>

                    <td width="12">
                    </td>
                </tr>
            </table>
            <br>
            <br>

            <p></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">March 7, 2008</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <font style="FONT-SIZE: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
            <b><font style="FONT-SIZE: 11pt" face="Times New Roman, Times, serif" size="2">Please
            complete, sign and date the enclosed proxy and mail it as promptly as possible. If you
            attend the meeting and vote in person, the proxy will not be used.</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            &nbsp;</p>
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            <p></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b>INTRODUCTION</b></p>

            <p></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">This Proxy Statement is furnished
            in connection with the solicitation of proxies on behalf of the Board of Directors
            (&ldquo;Board&rdquo;) of NAIC Growth Fund, Inc., a Maryland corporation
            (&ldquo;Fund&rdquo;), to be voted at the 2008 Annual Meeting of Shareholders
            (&ldquo;Meeting&rdquo;), to be held at the offices of the National Association of
            Investors Corporation (&ldquo;NAIC&rdquo;), 711 West Thirteen Mile Road, Madison
            Heights, Michigan 48071, at 1:00 p.m. local time on April 17, 2008. The approximate
            mailing date of this Proxy Statement is March 7, 2008.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">All properly executed proxies
            received prior to the Meeting will be voted at the Meeting in accordance with the
            instructions marked thereon or otherwise as provided therein. Unless instructions to
            the contrary are marked, proxies will be voted &ldquo;FOR&rdquo; the election of five
            directors and &ldquo;FOR&rdquo; the ratification of the independent registered public
            accountants. Any shareholder giving a proxy has the power to revoke it at any time
            before it is exercised by filing a later dated proxy with us, by attending the meeting
            and voting in person, or by notifying us of the revocation in writing to our Secretary
            at the principal executive office of the Fund, 205 E. Wisconsin Avenue, Suite #120,
            Milwaukee, Wisconsin 53202.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">The Fund&rsquo;s Board has fixed
            the close of business on February 19, 2008 as the record date for the determination of
            shareholders entitled to notice of and to vote at the Meeting and at any adjournment
            thereof. Shareholders on the record date will be entitled to one vote for each share
            held, with no shares having cumulative voting rights. As of February 19, 2008, the Fund
            had outstanding 2,947,082 shares of common stock, par value $0.001 per share
            (&ldquo;Common Stock&rdquo;). A majority of the outstanding shares of common stock of
            the Fund, present or represented by proxy, constitutes a quorum. For purposes of a
            quorum, abstentions and broker non-votes are included. A quorum must exist to conduct
            business at the Meeting. A &ldquo;broker non-vote&rdquo; occurs when you own shares
            through a bank or broker in &ldquo;street&rdquo; name and you fail to provide your bank
            or broker with voting instructions and the bank or broker does not have the
            discretionary authority to vote your shares on a particular proposal. A broker non-vote
            may also occur if your broker fails to vote your shares for any reason.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">All the expenses of preparing,
            assembling, printing and mailing the material used in the solicitation of proxies by
            the Board will be paid by the Fund. In addition to the solicitation of proxies by use
            of the mails, our officers and regular employees may solicit proxies on behalf of the
            Board by telephone, telegram or personal interview, the expenses of which will be borne
            by the Fund. Arrangements may also be made with brokerage houses and other custodians,
            nominees and fiduciaries to forward soliciting materials to the beneficial owners of
            stock held of record by such persons at the expense of the Fund.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">The Board knows of no business
            other than that mentioned in Items 1 and 2 of the Notice of Meeting which will be
            presented for consideration at the Meeting. If any other matter is properly presented,
            it is the intention of the persons named in the enclosed proxy to vote in accordance
            with their discretion.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <font size="2">1</font></p>
            <!-- PAGE BREAK  --><!-- EEDocs PBStart-->
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b><font face="Times New Roman, Times, serif" size="2">SECURITY OWNERSHIP OF CERTAIN
            BENEFICIAL OWNERS AND MANAGEMENT</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">To the knowledge of the Fund as of
            February 19, 2008, set forth below are the number of shares of the Common Stock,
            beneficially owned by each officer, director and nominee and by all directors, nominees
            and officers of the Fund as a group. The address of each is the address of the
            Fund.</font></p>

            <table style="MARGIN-LEFT: 0.3in" cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: #c0c0c0 0.8pt solid; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: #c0c0c0 0.8pt solid; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        Number of Shares and Nature</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: #c0c0c0 0.8pt solid; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        Percent</font></b></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        Name and Address (a)</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        of Beneficial Ownership as of</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        of Class</font></b></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font face="Times New Roman, Times, serif"><b><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">
                        February</font></b>
                        <font size="2"><b><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'ARIAL'">
                        1</font></b>
                        <b><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">
                        9</font></b>
                        <b><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">
                        ,
                        200</font></b><b><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">
                        8</font></b>
                        <b><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">
                        (b</font></b>
                        <b><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">
                        )</font></b></font></font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>
                </tr>

                <tr style="HEIGHT: 16.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">
                        Robert M. Bilkie, Jr.,</font>
                        <font size="2"><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">
                        Chairman;</font>
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">
                        Director</font></font></font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        1,493</font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        *</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        Carl A. Holth, Director</font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        2,745</font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        *</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        Peggy L. Schmeltz, Director</font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        32,486</font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        1.1%</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        Luke E. Sims, President, CEO; Director</font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        204,522</font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        6.9%</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        David C. Sims, CFO, CCO</font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'ARIAL'">
                        44,</font>
                        <font size="2"><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">
                        730</font></font></font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        1.5%</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        Benedict J. Smith, Director<br>
                        </font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        2,911</font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'ARIAL'" face="Times New Roman, Times, serif">
                        *</font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        All Directors, Nominees and Officers</font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'" face="Times New Roman, Times, serif">
                        301,997</font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'ARIAL'">
                        10.</font>
                        <font size="2"><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">
                        2%</font></font></font></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 12.4pt">
                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: #c0c0c0 0.8pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'ARIAL'">
                        as a group (</font>
                        <font size="2"><font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">
                        6</font>
                        <font style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: 'Times New Roman'">
                        persons)</font></font></font></p>
                    </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="210">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                    <td style="BORDER-RIGHT: #c0c0c0 0.8pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: #c0c0c0 0.8pt solid" valign="top" width="90">
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">* Less than 1%</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <font face="Times New Roman, Times, serif"><font size="2"><font style="FONT-SIZE: 10pt">
            (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font style="FONT-SIZE: 10pt">The address
            of</font> <font style="FONT-SIZE: 11pt">each is the address</font>
            <font style="FONT-SIZE: 10pt">of the principal executive office</font>
            <font style="FONT-SIZE: 10pt">of the Fund, Suite #120, 205 E. Wisconsin Avenue,
            Milwaukee, Wisconsin 53202.</font></font></font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <font face="Times New Roman, Times, serif"><font size="2"><font style="FONT-SIZE: 10pt">
            (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font style="FONT-SIZE: 10pt">The nature of
            beneficial ownership of shares shown in this column is sole voting and investment power
            unless otherwise indicated. The shares owned by Mr. Bilkie include 1,229 shares owned
            by his father and 264 shares owned by his wife. The shares shown for Ms. Schmeltz
            include 8,740 shares beneficially owned by her husband.</font>
            <font style="FONT-SIZE: 10pt">The shares shown for Mr. David Sims include 31,620 shares
            beneficially owned by one of his brothers (of which he disclaims beneficial
            ownership).</font> <font style="FONT-SIZE: 10pt">The shares shown for Mr.</font>
            <font style="FONT-SIZE: 10pt">Luke</font> <font style="FONT-SIZE: 10pt">Sims
            include</font> <font style="FONT-SIZE: 10pt">12,700</font>
            <font style="FONT-SIZE: 10pt">shares beneficially owned by his wife (of which he
            disclaims beneficial ownership).</font></font></font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b><font face="Times New Roman, Times, serif" size="2">PROPOSAL NO. 1 &ndash; ELECTION
            OF DIRECTORS</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif"><font size="2"><font style="FONT-SIZE: 10pt">
            A Board of five (5)</font> <font style="FONT-SIZE: 10pt">directors to serve for a term
            of one (1) year, or until their successors are elected and qualified, is to be elected
            at the Meeting. Unless authorization to do so is withheld, it is intended that the
            proxies will be voted for the election of the nominees named below. Each nominee has
            consented to being named in this</font> <font style="FONT-SIZE: 10pt">Proxy</font>
            <font style="FONT-SIZE: 10pt">Statement and to continue to serve as a director if
            elected. Directors will be elected by a plurality of votes cast at the Meeting. Thus,
            assuming the presence of a quorum, those nominees for election as</font>
            <font style="FONT-SIZE: 10pt">director receiving the highest number of votes will be
            elected, regardless of the number of votes which for any reason, including abstentions,
            broker non-votes or withholding of authority to vote, are not cast for the election of
            such nominee. If any nominee becomes unavailable for election, an event not now
            anticipated by the Board, the proxies</font> <font style="FONT-SIZE: 10pt">may</font>
            <font style="FONT-SIZE: 10pt">be voted for such other nominee as may be designated by
            the Board.</font> <font style="FONT-SIZE: 10pt">Listed below are all nominees and their
            backgrounds. &ldquo;Interested</font> <font style="FONT-SIZE: 10pt">Persons&rdquo; of
            the Fund are those persons who are &ldquo;interested persons&rdquo; of the Fund within
            the meaning of Section 2(a)(19) of the Investment Company Act of
            1940.</font></font></font></p>

            <p align="center"><font face="Times New Roman, Times, serif" size="2">2</font></p>

            <p></p>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <b><font face="Times New Roman, Times, serif" size="2">Nominees</font></b>
            <font face="Times New Roman, Times, serif"><font size="2"><b>For</b>
            <b>Director</b></font></font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <strong><u>Nominees For Director Who Are Interested Person</u></strong></p>

            <p></p>

            <table cellspacing="0" cellpadding="0" width="615" border="0">
                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Name,
                        Address and Age*</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="102">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Position(s)
                        Held with Fund</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Term
                        of Office and Length of Time Served</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="204">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Principal
                        Occupation(s) During Past 5 Years (in addition to positions held in the
                        Fund)</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="126">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Number
                        of Portfolios in Fund Complex Overseen by Director or Nominee for
                        Director**</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="102">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Other
                        Directorships Held by Director or Nominee for Director<br>
                        (Public<br>
                        Companies)</font></b></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 61.1pt">
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Luke E.
                        Sims</font></p>

                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">age
                        58</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="102">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">President;</font>
                        <font size="2"><font style="FONT-SIZE: 10pt">Chief Executive Officer
                        and</font> <font style="FONT-SIZE: 10pt">Director</font></font></font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Term of
                        office one year. Served as a director since 2002.</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="204">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">Partner
                        in the law firm of Foley &amp; Lardner LLP</font>
                        <font size="2"><font style="FONT-SIZE: 10pt">since</font>
                        <font style="FONT-SIZE: 10pt">1984;</font>
                        <font style="FONT-SIZE: 10pt">Director, Wilson-Hurd Mfg. Co.;</font>
                        <font style="FONT-SIZE: 10pt">Manager of</font>
                        <font style="FONT-SIZE: 10pt">the Advisor since</font>
                        <font style="FONT-SIZE: 10pt">2003.</font></font></font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="126">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">One</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="102">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">LaCrosse
                        Footwear, Inc. (manufacturer and marketer of sporting and industrial
                        footwear)</font></p>
                    </td>
                </tr>
            </table>

            <p></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">*The address
            of Mr. Sims</font> <font size="2"><font style="FONT-SIZE: 10pt">is the address of
            the</font> <font style="FONT-SIZE: 10pt">principal executive office of the</font>
            <font style="FONT-SIZE: 10pt">Fund. Luke E.</font>
            <font style="FONT-SIZE: 10pt">Sims</font> <font style="FONT-SIZE: 10pt">is an
            Interested</font> <font style="FONT-SIZE: 10pt">Person within the meaning of Section
            2(a)(19) of the Investment Company Act of 1940</font>
            <font style="FONT-SIZE: 10pt">because he</font> <font style="FONT-SIZE: 10pt">is the
            President and Chief Executive Officer of the Fund,</font>
            <font style="FONT-SIZE: 10pt">beneficially owns in excess of 5% of the Fund&rsquo;s
            outstanding shares of common stock</font> <font style="FONT-SIZE: 10pt">and he</font>
            <font style="FONT-SIZE: 10pt">is affiliated with the</font>
            <font style="FONT-SIZE: 10pt">Fund&rsquo;s</font>
            <font style="FONT-SIZE: 10pt">investment advisor, Sims Capital</font>
            <font style="FONT-SIZE: 10pt">Management LLC (the &ldquo;Advisor&rdquo;). Luke E. Sims
            is the father of David C. Sims, the Chief Financial Officer and Chief Compliance
            Officer of the Fund.</font></font></font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">**The Fund is not part of any fund
            complex.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="center">
            <font face="Times New Roman, Times, serif" size="2">3</font></p>

            <p></p>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 11pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <strong><u>Nominees For Director Who Are Not Interested Persons</u></strong></p>

            <table cellspacing="0" cellpadding="0" width="620" border="0">
                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="89">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Name,
                        Address and Age*</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="94">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Position(s)
                        Held with Fund</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Term
                        of Office and Length of Time Served</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="142">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Principal
                        Occupation(s) During Past 5 Years</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="112">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Number
                        of Portfolios in Fund Complex Overseen by Director or Nominee for
                        Director**</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Other
                        Directorships Held by Director or Nominee for Director<br>
                        (Public<br>
                        Companies)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="89">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Robert
                        M. Bilkie, Jr., age 47</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="94">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">Chairman;***</font>
                        <font size="2"><font style="FONT-SIZE: 10pt">Director</font></font></font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Term of
                        office one year. Served as a director since 2006.</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="142">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">President
                        and Chief Executive Officer of Sigma Investment Counselors, Inc.</font>
                        <font size="2"><font style="FONT-SIZE: 10pt">(a registered investment
                        advisor)</font> <font style="FONT-SIZE: 10pt">since</font>
                        <font style="FONT-SIZE: 10pt">1987;</font>
                        <font style="FONT-SIZE: 10pt">member of the NAIC/Better Investing
                        Securities Review Committee and of the NAIC/Better Investing Editorial
                        Advisory Committee (non-remunerative).</font></font></font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="112">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">One</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt">None</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="89">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Carl A. Holth</font></p>

                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">age 75</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="94">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Director</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Term of office one year. Served as a director
                        since 1989.</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="142">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Retired;</font>
                        <font style="FONT-SIZE: 10pt">former</font>
                        <font style="FONT-SIZE: 10pt">Director, Sunshine Fifty, Inc. and</font>
                        <font style="FONT-SIZE: 10pt">former Director</font>
                        <font style="FONT-SIZE: 10pt">Harrison Piping Supply, Inc.</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="112">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">One</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt">None</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="89">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Peggy L. Schmeltz<br>
                        age 80</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="94">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Director</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Term of office one year. Served as a director
                        since 1989.</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="142">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Retired;</font>
                        <font style="FONT-SIZE: 10pt">Trustee of</font>
                        <font style="FONT-SIZE: 10pt">Better Investing (NAIC)</font>
                        <font style="FONT-SIZE: 10pt">(since 1995);</font>
                        <font style="FONT-SIZE: 10pt">lecturer at various NAIC chapters, former
                        Director of Bowling Green State University Foundation Board.</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="112">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">One</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt">None</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="89">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Benedict J. Smith</font></p>

                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">age 88</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="94">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Director</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="80">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Term of office one year. Served as a director
                        since 1996.</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="142">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Retired; Director, Detroit Executive Service
                        Corps (an advisory service for non-profit organizations); Director, Vista
                        Maria (a nonprofit charitable organization).</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="112">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">One</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="103">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt">None</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font style="FONT-SIZE: 10pt">*The address of each is the address of the</font>
            <font style="FONT-SIZE: 10pt">principal executive office of the</font>
            <font style="FONT-SIZE: 10pt">Fund.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font style="FONT-SIZE: 10pt">**The Fund is not part of any fund complex.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font style="FONT-SIZE: 10pt">***&rsquo;Chairman&rsquo; is a non-executive, non-officer
            position.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="center">
            <font size="2">4</font></p>
            <!-- PAGE BREAK  --><!-- EEDocs PBStart-->
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 11pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <strong><u>Officers Who Are Not Nominees For Directors</u></strong></p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="121">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt">Name, Address and Age*</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt">Position(s) Held with Fund</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt">Term of Office and Length of Time
                        Served</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="198">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt">Principal Occupation(s) During Past 5
                        Years</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="120">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt">Number of Portfolios in Fund Complex
                        Overseen by Director or Nominee for Director**</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt">Other Directorships Held by Director or
                        Nominee for Director<br>
                        (Public<br>
                        Companies)</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="121">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">David C. Sims</font></p>

                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">age 26</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Chief</font>
                        <font style="FONT-SIZE: 10pt">Financial Officer and Chief</font>
                        <font style="FONT-SIZE: 10pt">Compliance Officer</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Term of office one year. Served as</font>
                        <font style="FONT-SIZE: 10pt">Chief Financial Officer</font>
                        <font style="FONT-SIZE: 10pt">and</font>
                        <font style="FONT-SIZE: 10pt">Chief Compliance Officer since</font>
                        <font style="FONT-SIZE: 10pt">2007*</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="198">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Manager, Peregrine Investment Fund LLC
                        (private investment fund) since 2003; Manager</font>
                        <font style="FONT-SIZE: 10pt">of the Advisor</font>
                        <font style="FONT-SIZE: 10pt">since 2003.</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="120">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">One</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt">None</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="121">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Christopher J. Dine</font></p>

                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">age</font>
                        <font style="FONT-SIZE: 10pt">51</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="90">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Secretary</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Term of office one year. Served as Secretary
                        since 2007.</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="198">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">Attorney with Bodman LLP since
                        1985</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="120">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt">None</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt">None</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font style="FONT-SIZE: 10pt">*The address</font>
            <font style="FONT-SIZE: 10pt">of</font> <font style="FONT-SIZE: 10pt">each</font>
            <font style="FONT-SIZE: 10pt">is the address of the</font>
            <font style="FONT-SIZE: 10pt">principal executive office of the</font>
            <font style="FONT-SIZE: 10pt">Fund.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font style="FONT-SIZE: 10pt">**The Fund is not part of any fund complex.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 31px" align="justify">
            <font style="FONT-SIZE: 10pt">***David C. Sims is the son of Luke E. Sims, the
            President and Chief Executive Officer of the Fund.</font></p>

            <p></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 11pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <b>Dollar Range of Common Stock Owned by Directors and Nominees</b></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            The following tables set forth the dollar range of the Fund&rsquo;s Common Stock which
            is the Fund&rsquo;s only equity security, beneficially owned by each director and
            nominee, valued at price per share of $7.65, the closing price on the American Stock
            Exchange on February 19, 2008.</p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 11pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <b><u>Nominee Directors Who Are Interested Persons</u></b></p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="224" height="94">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt">Name of Director or Nominee</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="247">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt">Dollar Range of Equity Securities in the
                        Fund</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="247">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt">Aggregate Dollar Range of Equity
                        Securities in All Funds Overseen or to be Overseen by Director or Nominee
                        in Family of Investment Companies*</font></b></p>
                    </td>
                </tr>

                <tr style="HEIGHT: 23pt">
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="224">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">Luke E. Sims</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="247">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">Over $100,000</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="247">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">None</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font style="FONT-SIZE: 10pt">*The Fund is not part of a family of investment
            companies.</font></p>

            <p align="center"><font face="Times New Roman, Times, serif" size="2">5</font></p>

            <p></p>
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 11pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <b><u>Nominee Directors Who Are Not Interested Persons</u></b></p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="229">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt">Name of Director or Nominee</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt">Dollar Range of Equity Securities in the
                        Fund</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt">Aggregate Dollar Range of Equity
                        Securities in All Funds Overseen or to be Overseen by Director or Nominee
                        in Family of Investment Companies*</font></b></p>
                    </td>
                </tr>

                <tr height="1">
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="229">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">Robert M. Bilkie, Jr.</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">$10,001 - $50,000</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">None&nbsp;<br>
                        </font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="229">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">Carl A. Holth</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">$10,001 - $50,000</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">None&nbsp;<br>
                        </font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="229">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">Peggy L. Schmeltz</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">Over $100,000</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">None&nbsp;<br>
                        </font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="229">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">Benedict J. Smith</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">$10,001 - $50,000</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="252">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">None&nbsp;<br>
                        </font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font style="FONT-SIZE: 10pt">*The Fund is not part of a family of investment
            companies.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <b><font face="Times New Roman, Times, serif" size="2">Compensation</font></b></p>

            <p style="MARGIN-TOP: 5pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">No Fund officer receives
            compensation from the Fund for service as an officer. Christopher J. Dine, the Fund's
            Secretary, is a partner in Bodman LLP, the Fund's principal outside law firm. David C.
            Sims, the Fund's Chief Compliance Officer, is compensated for his services to the Fund
            by Sims Capital Management LLC (the "Advisor"), the Fund' s investment
            advisor.</font></p>

            <p style="MARGIN-TOP: 5pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">The following tables identify the
            aggregate compensation paid to all directors in 2007 who were entitled to receive
            directors&rsquo; fees. Director fees are only payable to directors who are not officers
            of the Fund or affiliated with the Advisor. During 2007, such directors received an
            annual retainer of $1,500 and $100 for each Board meeting attended. Luke E. Sims
            received directors&rsquo; fees on this same basis through May 31, 2007, but received no
            director fees thereafter when he became President of the Fund and affiliated with the
            Advisor. Former directors, Thomas E. O&rsquo;Hara and Kenneth S. Janke, who resigned as
            directors of the Fund as of June 1, 2007, received no compensation for serving as
            directors.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">For 2008, Fund directors who are
            entitled to receive directors&rsquo; fees will receive an annual retainer of $3,000,
            paid quarterly. Fees for attending individual Board meetings will no longer be
            paid.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <b><u><font face="Times New Roman, Times, serif" size="2">Directors Who Are Interested
            Persons</font></u></b></p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="190">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Name
                        of Person, Position</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Aggregate
                        Compensation from Fund*</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="125">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Pension
                        or Retirement Benefits Accrued as Part of Fund Expenses</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="104">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Estimated
                        Annual Benefits Upon Retirement</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="116">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Total
                        Compensation From Fund and Fund Complex Paid to Directors**</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="190">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Luke E.
                        Sims, Director</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="108">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt; COLOR: #000000">
                        $1,3</font><font size="2"><font style="FONT-SIZE: 10pt; COLOR: #000000">00</font></font></font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="125">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">None</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="104">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">None</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="116">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt; COLOR: #000000">
                        $1,3</font><font size="2"><font style="FONT-SIZE: 10pt; COLOR: #000000">00<br>

                        </font></font></font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">*All amounts
            shown are for service as a director</font>
            <font size="2"><font style="FONT-SIZE: 10pt">prior to June 1, 2007, the date Mr. Sims
            became President
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the
            Fund.&nbsp;&nbsp;&nbsp;<br>
             &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund is not part of any fund
            complex.</font></font></font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="center">
            <font size="2">6</font></p>
            <!-- NEXT PAGE SECTION BREAK  --><!-- EEDocs PBStart-->
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-AFTER: always"></p>

            <p></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <b><u><font face="Times New Roman, Times, serif" size="2">Directors Who Are Not
            Interested Persons of the Fund</font></u></b></p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="172">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Name
                        of Person, Position</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="107">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Aggregate
                        Compensation from Fund*</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="95">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Pension
                        or Retirement Benefits Accrued as Part of Fund Expenses</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Estimated
                        Annual Benefits Upon Retirement</font></b></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="123">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Total
                        Compensation From Fund and Fund Complex Paid to Directors**</font></b></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="172">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Robert
                        M. Bilkie, Jr. Director</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font face="Times New Roman, Times, serif"><font style="FONT-SIZE: 10pt">$</font>
                        <font size="2"><font style="FONT-SIZE: 10pt">2,</font>
                        <font style="FONT-SIZE: 10pt">000</font></font></font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="95">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">None</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">None</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="123">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">$
                        2,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="172">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Carl A.
                        Holth, Director</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="107">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">$
                        2,000</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="95">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">None</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">None</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="123">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">$
                        2,000</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="172">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Peggy L.
                        Schmeltz, Director</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="107">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">$
                        1,900</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="95">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">None</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">None</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="123">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">$
                        1,900</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="172">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">Benedict
                        M. Smith, Director</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="107">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt" face="Times New Roman, Times, serif">$
                        2,000</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="95">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">None</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 10pt">None</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="123">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 10pt">$ 2,000</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font style="FONT-SIZE: 10pt">*All amounts shown are for service as a
            director.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font style="FONT-SIZE: 10pt">**The Fund is not part of any fund complex.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font style="FONT-SIZE: 10pt">***Ms. Schmeltz was an interested person of the</font>
            <font style="FONT-SIZE: 10pt">Fund until June 1, 2007.</font>
            <font style="FONT-SIZE: 10pt">She was an interested person because she is a trustee of
            NAIC which was affiliated with the then investment advisor of the Fund.</font></p>

            <p></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <b><font face="Times New Roman, Times, serif" size="2">Board Meetings and Committees;
            Annual Meeting Attendance</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <a name="OLE_LINK2"><font face="Times New Roman, Times, serif" size="2">There
            were</font></a> <font face="Times New Roman, Times, serif" size="2">five (5) meetings
            of the Board held during 2007. Each director attended at least 75% of the meetings of
            the Board and committees of the Board on which he or she served during 2007. The Fund
            only has one committee, an Audit Committee. The Fund has no nominating or compensation
            committees. The Board does not currently have a policy with regard to the attendance of
            directors at its annual meeting of shareholders. All of the current directors attended
            the Fund&rsquo;s 2007 annual meeting of shareholders.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <b><font face="Times New Roman, Times, serif" size="2">Shareholder</font></b>
            <font face="Times New Roman, Times, serif"><font size="2"><b>s</b>
            <b>Communications</b></font></font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">Shareholders may send
            communications to the Board to the attention of the Fund&rsquo;s Secretary at the
            Fund&rsquo;s principal executive offices. All shareholder communications shall be
            compiled by the Secretary and forwarded directly to the Board or the director as
            indicated in the letter. The Board reserves the right to revise this procedure in the
            event that it is abused or becomes unworkable.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <b><font face="Times New Roman, Times, serif" size="2">Nominating
            Committee</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">The Board does not have a standing
            nominating committee or committee performing similar functions as the Board has
            determined, given its relatively small size, to perform this function as a whole. The
            Board does not currently have a charter or other written policy with regard to the
            nomination process, or a formal policy with respect to the consideration of director
            candidates. The nominations of the directors standing for reelection at the 2008 annual
            meeting were approved by the Board, including Messrs. Holth, Smith, and Bilkie and Ms.
            Schmeltz who are independent directors under the rules of the American Stock
            Exchange.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">Qualifications for consideration as
            a Board nominee may vary according to the particular areas of expertise being sought as
            a complement to the existing Board composition. In making its nominations, the Board
            considers relevant factors, including an individual&rsquo;s business experience,
            breadth of knowledge about issues and matters affecting the Fund, time availability for
            meetings and consultation regarding Fund matters, and other particular skills and
            experience. The Board desires a diverse group of candidates who possess the background,
            skills and expertise to make a significant contribution to the Board, the Fund and its
            shareholders. In the event of a need for a new or additional director, the Board will
            evaluate potential nominees by reviewing their qualifications, results of personal
            interviews and such other information as the Board may deem relevant.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="center">
            <font size="2">7</font></p>
            <hr align="center" width="100%" noshade size="2">
            <PAGE><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">The Fund does not employ an
            executive search, firm, or pay a fee to any other third party, to assist in identifying
            or evaluating potential qualified candidates for director. Since 1989, the Board has
            nominated the current directors for reelection at each annual meeting of shareholders.
            Ms. Schmeltz and Mr. Holth have served as directors since 1989, Mr. Smith has served as
            a director since 1996, Mr. Sims has served as a director since 2002, and Mr. Bilkie has
            served as a director since 2006. Mr. Bilkie was recommended to the Board by the then
            President of the Fund. Mr. Bilkie had previously served as Fund director from July 1990
            to May 1996.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">The Board has not established
            special procedures for the Fund&rsquo;s shareholders to submit director
            recommendations. If the Secretary were to receive a recommendation of a candidate from
            the Fund&rsquo;s shareholders, he would submit it to the Board, and the Board would
            consider such recommendations in the same manner as all other candidates.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <b><font face="Times New Roman, Times, serif" size="2">Audit Committee</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">The Fund has an Audit Committee
            established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of
            1934, comprised of Messrs. Holth (Chairman), Smith and Bilkie. The Audit Committee is
            responsible for the appointment, compensation, retention and oversight of the work of
            the Fund&rsquo;s independent accountants. The audit committee met twice during 2007.
            Messrs. Holth, Smith and Bilkie meet the requirements for independence set forth in the
            rules of the American Stock Exchange. They are not &ldquo;interested persons&rdquo; of
            the Fund as defined in Section 2(A)(19) of the Investment Company Act of 1940. Under
            the Fund&rsquo;s bylaws, the Chairman is a non-executive, non-officer position. Each of
            Messrs. Bilkie, Holth and Smith has been determined to be an &ldquo;audit committee
            financial expert&rdquo; as such term is defined in SEC rules. A copy of the report of
            the Audit Committee is attached hereto as Exhibit A. The Fund&rsquo;s Board has adopted
            a written charter for the Audit Committee. A current copy of the charter of the Audit
            Committee is available to shareholders on the Fund&rsquo;s website at
            www.naicgrowthfund.com</font> <font face="Times New Roman, Times, serif" size="2">under
            the heading &ldquo;Corporate Governance.&rdquo;</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <b><font face="Times New Roman, Times, serif" size="2">Investment
            Advisor</font></b><font face="Times New Roman, Times, serif"><font size="2"><b></b>
            <b></b></font></font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">The Fund&rsquo;s current investment
            advisor is Sims Capital Management LLC. Luke E. Sims, President and Chief Executive
            Officer of the Fund and David C. Sims, Chief Financial Officer and Chief Compliance
            Officer of the Fund, are the managers of the Advisor. See &ldquo;Nominees For Director
            Who Are Interested Persons&rdquo; and &ldquo;Officers Who Are Not Nominees For
            Director&rdquo; for more information about Luke E. Sims and David C. Sims,
            respectively. At the Fund&rsquo;s 2007 annual meeting of shareholders, the shareholders
            approved the investment advisory agreement (&ldquo;Advisory Agreement&rdquo;) between
            the Fund and the Advisor. The Advisory Agreement continues until February 16, 2009, but
            it can be mutually extended by the Fund and the Advisor on a year-to-year basis
            thereafter.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">The Advisor&rsquo;s address is the
            same as that of the principal executive office of the Fund. The Fund is one of the
            Advisor&rsquo;s two advisory clients. No other person provided any significant
            administrative or business affairs management services to the Fund during 2007. No
            director or nominee for election as director who is not an Interested Person, nor any
            of their immediate family members, is the record or beneficial owner of any securities
            in the Advisor or any of its affiliates.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <b><font face="Times New Roman, Times, serif" size="2">The Board of Directors
            recommends that shareholders vote &ldquo;FOR&rdquo; all five (5)
            nominees.</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b><font face="Times New Roman, Times, serif" size="2">PROPOSAL NO. 2 &ndash; SELECTION
            OF INDEPENDENT ACCOUNTANTS</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">Plante &amp; Moran, PLLC,
            independent registered public accountants, has been selected by the audit committee to
            examine the financial statements of the Fund for the year ending December 31, 2008.
            Unless a contrary specification is made, the accompanying proxy will be voted in favor
            of ratifying the selection of such accountants. A majority vote of the shares cast is
            required to approve the ratification of the selection of accountants. Under Maryland
            law, abstentions do not constitute a vote &ldquo;for&rdquo; or &ldquo;against&rdquo; a
            matter and will be</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="center">
            <font size="2">8</font></p>

            <p></p>
            <hr align="center" width="100%" noshade size="2">
            <PAGE><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">disregarded in determining the
            votes cast. Broker non-votes with respect to shares entitled to vote will have no
            effect on the vote on this proposal. Representatives of Plante &amp; Moran, PLLC are
            expected to be present at the Meeting where they will have the opportunity to make a
            statement if they desire to do so, and will be available to respond to appropriate
            questions.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif"><font size="2"><u>Audit Fees.</u> Plante
            &amp; Moran, PLLC was paid $18,250 for the calendar year ended December 31, 2007 and
            $17,050 for the calendar year ended December 31, 2006 by the Fund for audit
            fees.</font></font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif"><font size="2"><u>Audit-Related Fees.</u>
            Plante &amp; Moran, PLLC was not paid any audit-related fees by the Fund in either of
            the last two calendar years.</font></font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif"><font size="2"><u>Tax Fees.</u> Plante &amp;
            Moran, PLLC was paid $5,400 for the calendar year ended December 31, 2007 and $4,500
            for calendar year ended December 31, 2006 by the Fund for tax fees, for services in
            connection with the preparation of the Fund&rsquo;s tax returns and assistance with IRS
            notice and tax matters.</font></font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif"><font size="2"><u>All Other Fees.</u> Plante
            &amp; Moran, PLLC was not paid any other fees in either of the last two calendar
            years.</font></font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">&ldquo;Audit fees&rdquo; are fees
            paid by the Fund to Plante &amp; Moran, PLLC for professional services for the audit of
            our financial statements, or for services that are usually provided by an auditor in
            connection with statutory and regulatory filings and engagements. &ldquo;Audit-related
            fees&rdquo; are fees for assurance and related services that are reasonably related to
            the performance of the audit or review of financial statements. &ldquo;Tax fees&rdquo;
            are fees for tax compliance, tax advice and tax planning. All other Fund fees are fees
            billed for any services not included in the first three categories.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">None of the services covered under
            the captions &ldquo;Audit- Related Fees,&rdquo; &ldquo;Tax Fees,&rdquo; and &ldquo;All
            Other Fees&rdquo; with respect to Plante &amp; Moran, PLLC were provided under the
            <i>de minimis</i> exception to Audit Committee approval of 17 CFR 210.2-01(c) 7(i)(C)
            and (ii). Plante &amp; Moran, PLLC was not engaged during the last two fiscal years to
            provide non-audit services to the Fund (other than those referenced above) or to the
            Advisor or any of its affiliates that provide ongoing services to the Fund
            (&ldquo;Other Non-Audit Services&rdquo;). Under the Audit Committee charter, the Audit
            Committee must approve in advance all non-audit services of the Fund and all Other
            Non-Audit Services. The Audit Committee has not adopted &ldquo;pre-approval policies
            and procedures&rdquo; as such term is used in 17 CFR 210.2-01(c)(7)(i)(B) and
            (ii).</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">The Board recommends that
            shareholders vote &ldquo;FOR&rdquo; the ratification of Plante &amp; Moran, PLLC as the
            independent registered public accountants to examine the Fund&rsquo;s financial
            statements for the year ending December 31, 2008.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b><font face="Times New Roman, Times, serif" size="2">SECTION 16(A) BENEFICIAL
            OWNERSHIP REPORTING COMPLIANCE</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">Directors and officers of the Fund
            and certain of its affiliates and beneficial owners of more than 10% of the Common
            Stock are required to file initial reports of ownership and reports of changes in
            ownership of the Common Stock pursuant to Section 16(a) of the Securities Exchange Act
            of 1934, as amended. The Fund has reviewed such reports received by it and written
            representations of such persons who are known by the Fund, and based solely upon such
            review, the Fund believes that during the year ended December 31, 2007 all such reports
            were timely filed except with respect to one filing with respect to two transactions by
            the President of the Fund, and one filing with respect to one transaction in 2007 and
            the initial filing by the Chief Compliance Officer of the Fund.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b><font face="Times New Roman, Times, serif" size="2">NAME CHANGE</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">The Fund has a contract with NAIC
            to use the term &lsquo;NAIC&rsquo; as part of the Fund&rsquo;s name. Such contract
            expires on April 30, 2008 and will not be renewed. Accordingly, the Fund intends,
            effective May 1, 2008, to</font></p>

            <p align="center"><font face="Times New Roman, Times, serif" size="2">9</font></p>

            <p></p>
            <hr align="center" width="100%" noshade size="2">
            <PAGE><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">change its name to Eagle Capital
            Growth Fund, Inc. The Advisor intends to continue to use the NAIC&rsquo;s investment
            principles and any other investment principles or methods in managing the Fund&rsquo;s
            investments.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b><font face="Times New Roman, Times, serif" size="2">PROPOSALS OF
            SHAREHOLDERS</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">Shareholder proposals for the 2009
            annual meeting of shareholders must comply with applicable rules of the Securities and
            Exchange Commission (including Rule 14a-8) and be received by the Fund at its principal
            executive office, 205 E. Wisconsin Avenue, Suite #120, Milwaukee, Wisconsin 53202,
            before the close of business on November 6, 2008 for consideration for inclusion in the
            Fund&rsquo;s proxy statement. Shareholder proposals should be addressed to the
            attention of the Fund&rsquo;s Secretary.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b><font face="Times New Roman, Times, serif" size="2">MISCELLANEOUS</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">The Board is not aware of any other
            business that will be presented for action at the Meeting. If any other business
            properly comes before the Meeting, proxies received from shareholders will be voted on
            the discretion of the named individuals.<br>
            <br>
            </font></p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td width="288">
                    </td>

                    <td width="12">
                    </td>

                    <td width="288"><font face="Times New Roman, Times, serif" size="2">By Order of
                    the Board</font></td>

                    <td width="12">
                    </td>
                </tr>

                <tr>
                    <td width="288">
                    </td>

                    <td width="12">
                    </td>

                    <td width="288">&nbsp;&nbsp;</td>

                    <td width="12">
                    </td>
                </tr>

                <tr>
                    <td width="288">
                    </td>

                    <td width="12">
                    </td>

                    <td width="288"><font size="2">Christopher J. Dine, Secretary</font></td>

                    <td width="12">
                    </td>
                </tr>
            </table>
            <br>
            <br>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">March 7, 2008</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <font size="2">10</font></p>
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            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <font style="FONT-SIZE: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

            <p></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 8pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
            <b><font face="Times New Roman, Times, serif" size="2">EXHIBIT A</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b><a name="OLE_LINK1"><font face="Times New Roman, Times, serif" size="2">REPORT OF
            AUDIT COMMITTEE</font></a></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">February 28, 2008<br>
            <br>
            To the Board of Directors of the NAIC Growth Fund, Inc.:<br>
            <br>
            We have reviewed and discussed with management the Fund&rsquo;s audited financial
            statements as of and for the year ended December 31, 2007.<br>
            <br>
            We have discussed with the independent auditors the matters required to be discussed by
            Statement on Auditing Standards No. 61, as amended (AICPA, <i>Professional
            Standards,</i> Vol. 1 AU Section 380) as adopted by the Public Company Accounting
            Oversight Board in Rule 3200T.<br>
            <br>
            We have received and reviewed the written disclosures and the letter from the
            independent registered public accountants required by Independence Standards Board
            Standard No. 1, (Independence Standards Board Standard No. 1, <i>Independence
            Discussions with Audit Committees</i>), as adopted by the Public Company Accounting
            Oversight Board in Rule 3600T, and have discussed with the independent accountants the
            independent accountants&rsquo; independence.<br>
            <br>
            Based on the review and discussions referred to above, we recommend to the Board of
            Directors that the audited financial statements referred to above be included in the
            Fund&rsquo;s annual report to shareholders required by Section 30(e) of the Investment
            Company Act of 1940 and Rule 30d-1 thereunder for the year ended December 31, 2007 for
            filing with the Securities and Exchange Commission.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">Carl A. Holth, Chairman<br>
            &nbsp;<br>
             Benedict J. Smith, Member<br>
            &nbsp;<br>
             Robert M. Bilkie, Jr., Member</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <font size="2">11</font></p>
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            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b><font face="Times New Roman, Times, serif" size="2">NAIC GROWTH FUND,
            INC.</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <font face="Times New Roman, Times, serif" size="2">THIS PROXY IS SOLICITED ON BEHALF
            OF THE BOARD OF DIRECTORS</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif" size="2">The undersigned hereby appoints
            ROBERT M. BILKIE, JR. and LUKE E. SIMS, jointly and severally, Proxies, with full power
            of substitution, to represent the undersigned at the Annual Meeting of Shareholders of
            the NAIC Growth Fund, Inc., to be held at the offices of the National Association of
            Investors Corporation, 711 West Thirteen Mile Road, Madison Heights, Michigan, on
            Thursday, April 17, 2008 at 1:00 P.M. local time, or at any adjournments thereof, and
            to vote all shares of common stock which the undersigned is entitled to vote, and act
            with all the powers the undersigned would possess if personally present at the
            meeting.</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 36px" align="justify">
            <font face="Times New Roman, Times, serif"><font size="2">This revocable proxy, when
            properly executed, will be voted in the manner directed by the undersigned shareholder.
            <b>If no direction is made on an executed proxy, this proxy will be voted by the
            Proxies &ldquo;FOR&rdquo; the election of the persons named in Proposal 1 as directors
            and &ldquo;FOR&rdquo; Proposal 2.</b></font></font></p>

            <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b><font face="Times New Roman, Times, serif" size="2">(Continued and to be signed on
            the reverse side)</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <font size="2">12</font></p>
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            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            ANNUAL MEETING OF SHAREHOLDERS OF</p>

            <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b><font style="FONT-SIZE: 26pt">NAIC GROWTH FUND, INC.</font></b></p>

            <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <b><font face="Times New Roman, Times, serif" size="2">April 17, 2008</font></b></p>

            <p></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <font style="FONT-SIZE: 14pt" face="Times New Roman, Times, serif" size="2">Please
            date, sign and mail</font></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
            <font style="FONT-SIZE: 14pt" face="Times New Roman, Times, serif" size="2">your proxy
            card in the<br>
            envelope provided as soon<br>
            as possible.</font></p>

            <p></p>

            <table cellspacing="0" cellpadding="0" width="669" border="0">
                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="118">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                        &darr;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="446">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">Please detach along perforated line and mail
                        in the envelope provided.</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="96">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        &darr;</p>
                    </td>
                </tr>
            </table>

            <p></p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            &ndash;</p>

            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
            </p>

            <table cellspacing="0" cellpadding="0" width="669" border="0">
                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <b><font style="FONT-SIZE: 7pt">THE BOARD OF DIRECTORS RECOMMENDS A VOTE
                        &ldquo;FOR&rdquo; THE ELECTION OF DIRECTORS NAMED IN PROPOSAL 1 AND
                        &ldquo;FOR&rdquo; PROPOSAL 2.</font></b></p>

                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <b><font style="FONT-SIZE: 7pt">PLEASE SIGN, DATE AND RETURN PROMPTLY IN
                        THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN
                        HERE</font></b> <font face="Wingdings">x</font></p>
                    </td>
                </tr>
            </table>

            <table style="WIDTH: 668px; HEIGHT: 84px" cellspacing="0" cellpadding="0" width="668" border="0">
                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="294">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.2in; TEXT-INDENT: -13px" align="justify">
                        <font style="FONT-SIZE: 8pt">1. The election of the nominees listed below
                        as Directors of the Fund to hold office until the next annual meeting and
                        until their successors shall have been elected and qualified:</font></p>

                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="248">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 8pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratification
                        of the selection of PLANTE &amp; MORAN, PLLC as independent registered
                        public accountants for the Fund&rsquo;s year ending December 31,
                        2008.</font></p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 6pt">FOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGAINST&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        ABSTAIN</font></p>

                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font face="Wingdings">o</font>&nbsp;&nbsp;&nbsp;&nbsp;
                        <font face="Wingdings">o</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                        <font face="Wingdings">o</font></p>
                    </td>
                </tr>
            </table>

            <table style="WIDTH: 668px; HEIGHT: 118px" cellspacing="0" cellpadding="0" width="668" border="0">
                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="276">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOMINEES:</font></p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="271">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="115">
                    &nbsp;</td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="276">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font face="Wingdings">o</font> <font style="FONT-SIZE: 6pt">FOR ALL
                        NOMINEES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
                        &nbsp;<font face="Wingdings">o</font> <font style="FONT-SIZE: 6pt">Robert
                        M. Bilkie</font></p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="271">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="115">
                    &nbsp;</td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="276">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font face="Wingdings">o</font> <font style="FONT-SIZE: 6pt">WITHHOLD
                        AUTHORITY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
                        &nbsp;<font face="Wingdings">o</font> <font style="FONT-SIZE: 6pt">Carl A.
                        Holth<br>
                        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR ALL
                        NOMINEES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
                        &nbsp;<font face="Wingdings">o</font> <font style="FONT-SIZE: 6pt">Peggy L.
                        Schmeltz</font></p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="271">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="115">
                    &nbsp;</td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="276">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font face="Wingdings">o</font> <font style="FONT-SIZE: 6pt">FOR ALL
                        EXCEPT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
                        &nbsp;<font face="Wingdings">o</font><font style="FONT-SIZE: 6pt">&nbsp;&nbsp;Luke E.
                        Sims<br>
                        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (See instructions
                        below)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
                        &nbsp;<font face="Wingdings">o</font> <font style="FONT-SIZE: 6pt">Benedict
                        J. Smith</font></p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" colspan="2">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 8pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In their
                        discretion, for or against such other matters as may properly come before
                        the Meeting or any adjournment or adjournments thereof.</font></p>
                    </td>
                </tr>
            </table>

            <table style="WIDTH: 670px; HEIGHT: 0px" cellspacing="0" cellpadding="0" width="670" border="0">
                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="288">
                        <p align="left"><b><u><font size="1">INSTRUCTION</font></u></b>
                        <font size="1">: To withhold authority to vote for any individual
                        nominee(s), mark &ldquo;</font><b><font size="1">FOR ALL
                        EXCEPT&rdquo;</font></b> <font size="1">and fill in the circle next to each
                        nominee you wish to withhold, as shown here:</font></p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="382">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
<FONT STYLE="font-size:8pt"><B>Unless otherwise directed herein, the proxy or
proxies appointed hereby are authorized to vote &ldquo;FOR&rdquo; proposals
1 and 2, and to vote in their discretion with respect to all other matters
which may come before the Meeting</B>. </FONT></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="288">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="382">
                    &nbsp;</td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="288">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="382">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 8pt">If only one of the above-named proxies shall
                        be present in person or by substitute <font style="FONT-SIZE: 8pt">at the
                        Meeting, or any adjournment thereof, then that one, either in person or by
                        <font style="FONT-SIZE: 8pt">substitute, may exercise all of the powers
                        hereby given.</font></font></font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="288">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="382">
                    &nbsp;</td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="288">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="382">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 8pt">Any proxy or proxies heretofore given to vote
                        such shares are hereby revoked.</font></p>
                    </td>
                </tr>
            </table>

            <table style="WIDTH: 669px; HEIGHT: 42px" cellspacing="0" cellpadding="0" width="669" border="0">
                <tr>
                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="257">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 6pt">To change the address on your account, please
                        check the box at right and indicate your new address in the address space
                        above. Please note that changes to the registered name(s) on the account
                        may not be submitted via this method.</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="23">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font face="Wingdings">o</font></p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="392">
                    &nbsp;</td>
                </tr>
            </table>

            <table style="WIDTH: 668px; HEIGHT: 70px" cellspacing="0" cellpadding="0" width="668" border="0">
                <tr>
                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="135">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 6pt">Signature of Shareholder</font></p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="64">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="107">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <font style="FONT-SIZE: 6pt">Date</font></p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" colspan="4">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 6pt">Signature of
                        Shareholder&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
                        <font style="FONT-SIZE: 6pt">Date</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="734" colspan="7">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        <b><font style="FONT-SIZE: 6pt">Note</font></b>
                        <font style="FONT-SIZE: 6pt">: Please sign exactly as your name or names
                        appear on this Proxy. When shares are held jointly, each holder should
                        sign. When signing as executor, administrator, attorney, trustee or
                        guardian, please give full title as such. If the signer is a corporation,
                        please sign full corporate name by duly authorized officer, giving full
                        title as such. If signer is a partnership, please sign in partnership name
                        by authorized person.</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="367" colspan="4">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
                        &macr;</p>
                    </td>

                    <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.07in; BORDER-TOP: medium none; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="367" colspan="3">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="right">
                        &macr;</p>
                    </td>
                </tr>
            </table>

            <p align="center"><font face="Times New Roman, Times, serif" size="2">13</font></p>
            <hr align="center" width="100%" noshade size="2">

            <p></p>
        </div>
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</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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