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<SEC-DOCUMENT>0001169232-09-001177.txt : 20090227
<SEC-HEADER>0001169232-09-001177.hdr.sgml : 20090227
<ACCEPTANCE-DATETIME>20090226180155
ACCESSION NUMBER:		0001169232-09-001177
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090416
FILED AS OF DATE:		20090227
DATE AS OF CHANGE:		20090226
EFFECTIVENESS DATE:		20090227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EAGLE CAPITAL 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:		09639050

	BUSINESS ADDRESS:	
		STREET 1:		205 E. WISCONSIN AVE., SUITE 120
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		414-765-1107

	MAIL ADDRESS:	
		STREET 1:		205 E. WISCONSIN AVE., SUITE 120
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NAIC GROWTH FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BETTER INVESTING FUND INC
		DATE OF NAME CHANGE:	19890716
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d76291_def14a.htm
<DESCRIPTION>DEFINTIVE PROXY STATEMENT
<TEXT>

<HTML>

<HEAD><TITLE></TITLE></HEAD>
<BODY>
<DIV STYLE="WIDTH:600">

<BR>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=4>EAGLE CAPITAL GROWTH FUND, INC.<BR>
205 E. Wisconsin Avenue, Suite 120<BR>
Milwaukee, WI 53202</FONT></P>

<P ALIGN="CENTER"><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>NOTICE OF 2009 ANNUAL
MEETING OF SHAREHOLDERS</B></FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>To the
Shareholders of Eagle Capital Growth Fund, Inc.:</FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice
is
hereby given that the 2009 Annual Meeting of Shareholders (&#147;Meeting&#148;) of the
Eagle Capital Growth Fund, Inc. (&#147;Fund&#148;) will be held at the offices of the
Bodman LLP located at 201 W. Big Beaver Road, Suite 500, Troy, Michigan, 48084,
on Thursday, April 16, 2009, at 1:00 p.m. local time for the following
purposes:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>1.</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>To elect a
 Board of seven (7) directors</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>2.</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P 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, 2009; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>3.</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><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>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board
of Directors (&#147;Board&#148;) has fixed the close of business on February 20, 2009, as
the record date for the determination of shareholders entitled to vote at the
Meeting or any adjournment thereof.</FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="40%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>By Order of
 the Board of Directors</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Christopher
 J. Dine, Secretary</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>February 26,
2009</FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif"
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>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.</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>EAGLE CAPITAL GROWTH FUND, INC.<BR>
205 E. Wisconsin Avenue, Suite 120<BR>
Milwaukee, WI 53202</FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>Proxy Statement<BR>
Annual Meeting of Shareholders<BR>
April 16, 2009</FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>INTRODUCTION</B></FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Proxy
Statement is furnished in connection with the solicitation of proxies on behalf
of the Board of Directors (&#147;Board&#148;) of Eagle Capital Growth Fund, Inc., a
Maryland corporation (&#147;Fund&#148;), to be voted at the 2009 Annual Meeting of
Shareholders (&#147;Meeting&#148;), to be held at the offices of the Bodman LLP located
at 201 W. Big Beaver Road, Suite 500, Troy, Michigan, at 1:00 p.m. local time
on April 16, 2009. The approximate mailing date of this Proxy Statement is
February 26, 2009.</FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &#147;FOR&#148; the election of seven directors and &#147;FOR&#148; 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 205 E. Wisconsin
Avenue, Suite #120, Milwaukee, Wisconsin 53202.</FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund&#146;s
Board has fixed the close of business on February 20, 2009, 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 20, 2009, the Fund had outstanding 2,975,426
shares of common stock, par value $0.001 per share (&#147;Common Stock&#148;). One-third
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 &#147;broker non-vote&#148; occurs when you own shares through a bank or
broker in &#147;street&#148; 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 align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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 align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Important
Notice Regarding the Availability of Proxy Materials for the Annual Meeting of
Shareholders to be Held on Thursday, April 16, 2009 at 1:00 p.m. local time at
the offices of Bodman LLP
located at 201 W. Big Beaver Road, Suite 500, Troy, Michigan 48084. Our Notice
of Annual Meeting, Proxy
Statement, form of proxy card and annual report are available at <BR>
http://www.amstock.com/ProxyServices/ViewMaterials.asp</B></FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the knowledge of the Fund as of February 20, 2009, 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 ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%">
<TR style="font-size:1px">
<TD WIDTH="37%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="18%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Name and Address (a)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Number of Shares and Nature<BR>
 of Beneficial Ownership as of<BR>
 February 20, 2009 (b)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Percent<BR>
 of Class</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Robert M. Bilkie, Jr., Chairman; Director</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,493</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>*</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Christopher J. Dine, Secretary</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Phillip J. Hanrahan, Director</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>*</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Carl A. Holth, Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>2,921</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Peggy L. Schmeltz, Director</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>34,798</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Luke E. Sims, President, CEO; Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>213,054</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>7.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>David C. Sims, CFO, CCO</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>48,691</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1.6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Benedict J. Smith, Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,098</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Neal F. Zalenko, Director</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>0</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>*</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>All Directors, Nominees and Officers <BR>
 as a group (9 persons)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>304,055</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>10.2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>* Less than 1%</FONT></P>

<P ALIGN="JUSTIFY"><FONT Face="Times New Roman, Times, Serif" SIZE=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
address of each is the address of the principal executive office of the Fund,
Suite #120, 205 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202.</FONT></P>

<P ALIGN="JUSTIFY"><FONT Face="Times New Roman, Times, Serif" SIZE=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
nature of beneficial ownership of shares shown in this column is sole voting
and investment power unless otherwise indicated. The shares shown 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 10,000 shares beneficially owned by her
husband. The shares shown for Luke E. Sims include 12,700 shares beneficially
owned by his wife (of which he disclaims beneficial ownership). The shares
shown for David C. Sims include 31,620 shares beneficially owned by a brother
with whom he shares a residence.</FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>PROPOSAL
NO. 1 &#150; ELECTION OF DIRECTORS</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Board of seven (7) 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 Proxy 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 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 may be voted for such other
nominee as may be designated by the Board. Listed below are all nominees and
their backgrounds. &#147;Interested Persons&#148; of the Fund are those persons who are
&#147;interested persons&#148; of the Fund within the meaning of Section 2(a)(19) of the
Investment Company Act of 1940.</FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Nominees For Director </B></FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>Nominees For Director Who Are Interested
Persons </U></B></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Name, Address<BR>
 and Age*</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Position(s)<BR>
 Held with<BR>
 Fund</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Term of<BR>
 Office and<BR>
 Length of<BR>
 Time Served</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Principal Occupation(s) During<BR>
 Past 5 Years (in addition to<BR>
 positions held in the Fund)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Number of<BR>
 Portfolios in Fund<BR>
 Complex Overseen<BR>
 by Director or<BR>
 Nominee for<BR>
 Director**</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Other<BR>
 Directorships<BR>
 Held by<BR>
 Director or<BR>
 Nominee for<BR>
 Director<BR>
 (Public<BR>
 Companies)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Luke E. Sims<BR>
 age 59</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>President; Chief<BR>
 Executive<BR>
 Officer and<BR>
 Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Term of office one year.
 Served as a director since 2002.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Partner in the law firm of
 Foley &amp; Lardner LLP since 1984; Director, Wilson-Hurd Mfg. Co.; Manager
 of the Advisor since 2003.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>One</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>LaCrosse Footwear, Inc.
 (manufacturer and marketer of sporting and industrial footwear)</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN="JUSTIFY"><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The
address of Mr. Sims is the address of the principal executive office of the
Fund in Wisconsin. Luke E. Sims is an Interested Person within the meaning of
Section 2(a)(19) of the Investment Company Act of 1940 because he is the
President and Chief Executive Officer of the Fund, beneficially owns in excess
of 5% of the Fund&#146;s outstanding shares of common stock and he is affiliated
with the Fund&#146;s investment advisor, Sims Capital Management LLC (the &#147;Advisor&#148;).
Luke E. Sims is the father of David C. Sims, the Chief Financial Officer and
Chief Compliance Officer of the Fund. </FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The
Fund is not part of any fund complex. </FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>Nominees
For Director Who Are Not Interested Persons</U></B></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Name, Address<BR>
 and Age*</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Position(s)<BR>
 Held with<BR>
 Fund</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Term of<BR>
 Office and<BR>
 Length of<BR>
 Time Served</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Principal Occupation(s) During<BR>
 Past 5 Years</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Number of<BR>
 Portfolios in Fund<BR>
 Complex Overseen<BR>
 by Director or<BR>
 Nominee for<BR>
 Director**</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Other<BR>
 Directorships<BR>
 Held by<BR>
 Director or<BR>
 Nominee for<BR>
 Director<BR>
 (Public<BR>
 Companies)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Robert M. Bilkie,<BR>
 Jr., age 48</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Chairman;<BR>
 Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Term of office one year.
 Served as a director since 2006.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>President and Chief
 Executive Officer of Sigma Investment Counselors, Inc. (a registered investment
 advisor) since 1987; member of the NAIC/Better Investing Securities Review
 Committee and of the NAIC/Better Investing Editorial Advisory Committee
 (non-remunerative).</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>One</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Phillip J.<BR>
 Hanrahan, age 69</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Term of office one year.
 Served as a director since 2008.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Retired partner of Foley
 &amp; Lardner LLP (law firm).</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>One</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Carl A. Holth<BR>
 age 76</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Term of office one year.
 Served as a director since 1989.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Retired; Director,
 Sunshine Fifty, Inc., and Harrison Piping Supply, Inc.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>One</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Peggy L. <BR>
 Schmeltz<BR>
 age 81</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Term of office one year.
 Served as a director since 1989.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Retired; Trustee of NAIC
 (since 1995); Director of Bowling Green State University Foundation Board.
 Former member of NYSE Advisory Committee (from 1992 to 1994).</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>One</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Benedict J. Smith<BR>
 age 89</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Term of office one year.
 Served as a director since 1996.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Retired; Director, Detroit
 Executive Service Corps (an advisory service for non-profit organizations);
 Director, Vista Maria (a nonprofit charitable organization).</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>One</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Neal F. Zalenko,<BR>
 age 63</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Term of office one year.
 Served as a director since 2008.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Retired; Founder and
 Managing partner of Zalenko &amp; Associates, P.C. (accounting firm), that
 merged with Virchow Krause &amp; Company in early 2005.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>One</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*
The address of each is the address of the principal executive office of the
Fund, Suite #120, 205 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202. </FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The
Fund is not part of any fund complex. </FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>Officers
Who Are Not Nominees For Director</U></B></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="14%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Name, Address<BR>
 and Age*</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Position(s)<BR>
 Held with<BR>
 Fund</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Term of Office<BR>
 and Length of<BR>
 Time Served</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Principal Occupation(s) During<BR>
 Past 5 Years</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Number of<BR>
 Portfolios in Fund<BR>
 Complex Overseen <BR>
 by Director or<BR>
 Nominee for<BR>
 Director**</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Other<BR>
 Directorships<BR>
 Held by<BR>
 Director or<BR>
 Nominee for<BR>
 Director<BR>
 (Public<BR>
 Companies)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>David C. Sims<BR>
 age 27***</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Chief<BR>
 Financial<BR>
 Officer and<BR>
 Chief<BR>
 Compliance<BR>
 Officer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Term of office one year.
 Served as Chief Financial Officer and Chief Compliance Officer since 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Manager, Peregrine
 Investment Fund LLC (private investment fund) since 2003; Manager of the
 Advisor since 2003.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>One</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Christopher J. Dine<BR>
 age 52</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Secretary</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Term of office one year.
 Served as Secretary since 2007.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Attorney with Bodman LLP
 since 1985</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT Face="Times New Roman, Times, Serif"
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The
address of each is the address of the principal executive office of the Fund in
Wisconsin. </FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The
Fund is not part of any fund complex. </FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***David
C. Sims is the son of Luke E. Sims, the President and Chief Executive Officer
of the Fund. </FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Dollar Range of Common Stock Owned by
Directors and Nominees </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following tables set forth the dollar range of the Fund&#146;s Common Stock which is
the Fund&#146;s only equity security, beneficially owned by each director and
nominee, valued at price per share of $4.5, the closing price on the NYSE
Alternext US on February 20, 2009. </FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>Nominee Directors Who Are Interested Persons </U></B></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="26%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="34%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="34%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Name of Director or Nominee</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Dollar Range of Equity Securities in the<BR>
 Fund</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Aggregate Dollar Range of Equity <BR>
 Securities in All Funds Overseen or to <BR>
 be Overseen by Director or Nominee in <BR>
 Family of Investment Companies*</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Luke E. Sims</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Over $100,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="LEFT"><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>Nominee
Directors Who Are Not Interested Persons</U></B></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="26%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="34%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="34%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Name of Director or Nominee</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Dollar Range of Equity Securities in the<BR>
 Fund</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Aggregate Dollar Range of Equity<BR>
 Securities in All Funds Overseen or to be<BR>
 Overseen by Director or Nominee in<BR>
 Family of Investment Companies*</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
</TR>
<TR BGCOLOR="#EAF9E8">
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Robert M. Bilkie, Jr.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>$1-$10,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Phillip J. Hanrahan</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>$0</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#EAF9E8">
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Carl A. Holth</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>$10,001 - $50,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Peggy L. Schmeltz</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Over $100,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#EAF9E8">
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Benedict J. Smith</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>$10,001 - $50,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Neal F. Zalenko</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>$0</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The
Fund is not part of a family of investment companies. </FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Compensation </B></FONT></P>

<P ALIGN="JUSTIFY"><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Fund officer receives compensation from the Fund for service as an officer.
Christopher J. Dine, the Fund&#146;s Secretary, is a partner in Bodman LLP, the
Fund&#146;s principal outside law firm. David C. Sims, the Fund&#146;s Chief Financial
Officer and Chief Compliance Officer, is compensated for his services to the
Fund by Sims Capital Management LLC (the &#147;Advisor&#148;), the Fund&#146;s investment
advisor.</FONT></P>

<P ALIGN="JUSTIFY"><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following tables identify the aggregate compensation paid to all
directors in 2008. Director fees are only payable to directors who are not
officers of the Fund or affiliated with the Advisor. During 2008, such
directors received an annual retainer of $3,000.</FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
2009, Fund directors who are entitled to receive directors&#146; fees will receive
an annual retainer of $3,000, paid quarterly. </FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>Directors Who Are Interested Persons </U></B></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="19%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="17%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="19%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="18%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Name of Person,<BR>
 Position</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Aggregate<BR>
 Compensation from<BR>
 Fund</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Pension or Retirement<BR>
 Benefits Accrued as<BR>
 Part of Fund Expenses</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Estimated Annual<BR>
 Benefits Upon<BR>
 Retirement</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Total Compensation<BR>
 From Fund and Fund<BR>
 Complex Paid to<BR>
 Directors*</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Luke E. Sims, Director</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>$0</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>None</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>$0</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*
The Fund is not part of any fund complex. </FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B><U>Directors Who Are Not Interested Persons of
the Fund</U></B></FONT></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="22" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN="BOTTOM">
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Name of Person, <BR>
 Position</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Aggregate <BR>
 Compensation <BR>from
 Fund*</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Pension or <BR>Retirement <BR>Benefits<BR> Accrued as<BR>
 Part of Fund<BR> Expenses</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Estimated Annual<BR>
 Benefits Upon<BR>
 Retirement</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Total Compensation<BR>
 From Fund and <BR>Fund Complex <BR>Paid to Directors**</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Robert M.
 Bilkie, Jr. Director</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Phillip J.
 Hanrahan, Director</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Carl A.
 Holth, Director</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Peggy L.
 Schmeltz, Director</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Benedict M.
 Smith, Director</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#EAF9E8">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Neal F.
 Zalenko, Director</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>*All amounts
 shown are for service as a director.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>**The Fund
 is not part of any fund complex.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Board Meetings and Committees; Annual Meeting
Attendance</B></FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
were
three (3) meetings of the Board held during 2008. Each director attended at
least 75% of the meetings of the Board and committees of the Board on which he
or she served during 2008. Mr. Hanrahan and Mr. Zalenko became directors of the
Fund in August 2008. Each attended the December Board meeting, the only meeting
held in 2008 after they became directors. The Fund only has one committee, the
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 then-current
directors attended the Fund&#146;s 2008 annual meeting of shareholders. Mr. Hanrahan
and Mr. Zalenko did not attend the Fund&#146;s 2008 annual meeting of shareholders;
each became a director in August 2008, after Fund&#146;s annual meeting.</FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Shareholders Communications</B></FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif"
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
may send communications to the Board to the attention of the Fund&#146;s Secretary
at the Fund&#146;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><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Nominating Committee</B></FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 2009 annual meeting
were approved by the Board, including Messrs. Bilkie, Hanrahan, Holth, Smith,
and Zalenko and Ms. Schmeltz who are independent directors under the rules of
the NYSE Alternext US; the nomination of Mr. Sims, who is not classified as an
independent director, was approved by the Board.</FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P align=justify><FONT Face="Times New Roman, Times, Serif"
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#146;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 align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. Mr. Bilkie has served as a
director since 2006. Mr. Hanrahan was recommended as a director by Luke Sims,
the President and Chief Executive Officer of the Fund, and Mr. Hanrahan was
appointed as a director during 2008. Mr. Zalenko was recommended as a director
by Mr. Bilkie, the Chairman of the Board of Directors, and Mr. Zalenko was
appointed as a director during 2008. Mr. Bilkie had previously served as Fund
director from July 1990 to May 1996.</FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board
has not established special procedures for the Fund&#146;s shareholders to submit
director recommendations. If the Secretary were to receive a recommendation of
a candidate from the Fund&#146;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><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Audit Committee</B></FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. Zalenko (Chairman),
Holth, and Smith. The Audit Committee is responsible for the appointment,
compensation, retention and oversight of the work of the Fund&#146;s independent
accountants. Each of Messrs. Zalenko, Holth, and Smith meets the requirements
for independence set forth in the rules of the NYSE Alternext US. The charter
can be found on the Fund&#146;s website at http://eaglecapitalgrowthfund.com under
&#147;Corporate Governance&#148;.</FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit
Committee met twice during 2008. For those meetings, the Audit Committee was
comprised of Messrs. Holth (Chairman), Bilkie, and Smith. Messrs. Holth, Smith
and Bilkie met the requirements for independence set forth in the rules of the
NYSE Alternext. They are not &#147;interested persons&#148; of the Fund as defined in
Section 2(A)(19) of the Investment Company Act of 1940. Under the Fund&#146;s
bylaws, the Chairman is a non-executive, non-officer position. Each of Messrs.
Bilkie, Holth and Smith has been determined to be an &#147;audit committee financial
expert&#148; 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&#146;s Board has adopted a written
charter for the Audit Committee. </FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>Investment Advisor</B></FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund&#146;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 &#147;Nominees For Director Who Are Interested Persons&#148; and
&#147;Officers Who Are Not Nominees For Director&#148; for more information about Luke E.
Sims and David C. Sims, respectively. At the Fund&#146;s 2007 annual meeting of
shareholders, the shareholders approved the investment advisory agreement
(&#147;Advisory Agreement&#148;) between the Fund and the Advisor. The Advisory Agreement
has been mutually extended by the Fund and the Advisor through May 2010.</FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Advisor&#146;s address is the same as that of the principal executive office of the
Fund. The Fund is one of the Advisor&#146;s two advisory clients. No other person
provided any significant administrative or business affairs </FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>management services to the Fund during 2008. 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 ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>The Board of Directors recommends that
shareholders vote &#147;FOR&#148; all seven (7) nominees.</B></FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>PROPOSAL NO. 2 &#150; SELECTION OF INDEPENDENT
ACCOUNTANTS</B></FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2009. 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 &#147;for&#148; or &#147;against&#148; a matter and will be 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 align=justify><FONT Face="Times New Roman, Times, Serif"
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Audit
Fees.</U> Plante &amp; Moran, PLLC was paid $22,500 for the calendar year ended
December 31, 2008, and $18,250 for the calendar year ended December 31, 2007,
by the Fund for audit fees.</FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif"
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Fees.</U> Plante &amp; Moran, PLLC was paid $6,100 for the calendar year ended December
31, 2008, and $5,400 for calendar year ended December 31, 2007, by the Fund for
tax fees, for services in connection with the preparation of the Fund&#146;s tax
returns and assistance with IRS notice and tax matters.</FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>All
Other Fees.</U> Plante &amp; Moran, PLLC was not paid any other fees in either
of the last two calendar years.</FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif"
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Audit
fees&#148; 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. &#147;Audit-related fees&#148; are fees for assurance and
related services that are reasonably related to the performance of the audit or
review of financial statements. &#147;Tax fees&#148; 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 align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the
services covered under the captions &#147;Audit- Related Fees,&#148; &#147;Tax Fees,&#148; and &#147;All
Other Fees&#148; 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 or to the Advisor or any of its affiliates that
provide ongoing services to the Fund (&#147;Other Non-Audit Services&#148;). 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 &#147;pre-approval policies and procedures&#148; as such term
is used in 17 CFR 210.2-01(c)(7)(i)(B) and (ii).</FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board recommends that shareholders vote &#147;FOR&#148; the
ratification of Plante &amp; Moran, PLLC as the independent registered public
accountants to examine the Fund&#146;s financial statements for the year ending
December 31, 2009.</B></FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING
COMPLIANCE</B></FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif"
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 </FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>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, 2008, all such reports were timely filed except two transactions: a
purchase of shares by Peggy Schmeltz, which was filed five business days late
and a sale of shares by Luke Sims, which was filed three days late. As of
February 24, 2009, all filings are current. </FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>PROPOSALS OF SHAREHOLDERS</B></FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif"
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 205 E. Wisconsin Avenue, Suite #120,
Milwaukee, Wisconsin 53202 before the close of business on October 29, 2009,
for consideration for inclusion in the Fund&#146;s proxy statement. Shareholder
proposals should be addressed to the attention of the Fund&#146;s Secretary.</FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>MISCELLANEOUS</B></FONT></P>

<P align=justify><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="40%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>By Order of
 the Board</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>Christopher
 J. Dine, Secretary</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>February 26,
2009</FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P ALIGN=RIGHT><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT A</B></FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>REPORT OF AUDIT COMMITTEE</B></FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February
23, 2009</FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>To the Board
of Directors of the Eagle Capital Growth Fund, Inc.:</FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>We have
reviewed and discussed with management the Fund&#146;s audited financial statements
as of and for the year ended December 31, 2008.</FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>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.</FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>We have
received and reviewed the written disclosures and the letter from the
independent registered public accountants required by applicable requirements
of the Public Company Accounting Oversight Board regarding the independent
accountant&#146;s communications with the audit committee concerning independence,
and have discussed with the independent accountants the independent
accountants&#146; independence.</FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>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&#146;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, 2008, for filing with the Securities and Exchange Commission.</FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neal
F. Zalenko, Chairman</FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carl
A. Holth, Member</FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benedict
J. Smith, Member</FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>11</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>EAGLE CAPITAL GROWTH FUND, INC.</B></FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>THIS PROXY IS SOLICITED ON BEHALF OF THE
BOARD OF DIRECTORS</B></FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>As an alternative
to completing this form, you may
enter your vote instruction via the Internet at WWW.VOTEPROXY.COM and follow
the simple instructions. Use the Company Number and Account Number shown on
your proxy card.</B></FONT></P>

<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Eagle Capital Growth
Fund, Inc., to be held at the offices of Bodman LLP located at 201 W. Big
Beaver Road, Suite 500, Troy, Michigan, on Thursday, April 16, 2009, 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><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
&#147;FOR&#148; the election of the persons named in Proposal 1 as directors and &#147;FOR&#148;
Proposal 2.</B></FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>(Continued and to be signed on the reverse
side)</B></FONT></P>

<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2>12</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

</div>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>ANNUAL
 MEETING OF SHAREHOLDERS OF</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=6><B>EAGLE CAPITAL GROWTH FUND, INC.</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=2><B>April
 16, 2009</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=3><B><U>NOTICE OF INTERNET AVAILABILITY OF
 PROXY MATERIAL:</U></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=3>The
 Notice of Meeting, proxy statement and proxy card are available at-</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=3>http://www.amstock.com/ProxyServices/ViewMaterials.asp</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=3>Please date, sign and
 mail</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=3>your proxy card in the</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=3>envelope provided as
 soon</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=3>as possible.</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="26%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="48%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="26%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=RIGHT style="margin-top:-7px"><FONT Face="Times New Roman, Times, Serif" SIZE=5>&#8595;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>Please
 detach along perforated line and mail in the envelope provided.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:-7px"><FONT Face="Times New Roman, Times, Serif" SIZE=5>&#8595;</FONT></P>
</TD>
</TR>
</TABLE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:10px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP BGCOLOR=BLACK>
<P>&nbsp;</P>
</TD>
<TD WIDTH="97%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" STYLE="BORDER:SOLID BLACK 1PX">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" style="font-size:7pt"><B>THE BOARD
 OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION OF DIRECTORS NAMED IN
 PROPOSAL 1 AND &#147;FOR&#148; PROPOSAL 2.</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" style="font-size:7pt"><B>PLEASE
 SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR
 VOTE IN BLUE OR BLACK INK AS SHOWN HERE </B></FONT><FONT SIZE=1
FACE=WINGDINGS><B>x</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<DIV STYLE="POSITION:RELATIVE; FLOAT:LEFT; WIDTH:49%">

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="44%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="34%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>1.</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=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>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>NOMINEES:</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>FOR ALL NOMINEES</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 FACE=WINGDINGS>m</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Robert M. Bilkie, Jr.</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>WITHHOLD AUTHORITY</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 FACE=WINGDINGS>m</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Phillip J. Hanrahan</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>FOR ALL NOMINEES</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 FACE=WINGDINGS>m</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Carl A. Holth</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 FACE=WINGDINGS>o</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>FOR ALL EXCEPT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 FACE=WINGDINGS>m</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Peggy L. Schmeltz</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>(See instructions below)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 FACE=WINGDINGS>m</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Luke E. Sims</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 FACE=WINGDINGS>m</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Benedict J. Smith</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=3 FACE=WINGDINGS>m</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Neal F. Zalenko</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="23%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="70%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1><B><U>INSTRUCTION</U></B><FONT Face="Times New Roman, Times, Serif"
SIZE=1>:</FONT></FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>To withhold authority to
 vote for any individual nominee(s), mark &#147;<B>FOR ALL EXCEPT</B>&#148; and fill in
 the circle next to each nominee you wish to withhold, as shown here: <FONT SIZE=1
FACE=WINGDINGS>l</FONT></FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX; BORDER-BOTTOM:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="86%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-TOP:SOLID BLACK 1PX">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-TOP:SOLID BLACK 1PX">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>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 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-TOP:SOLID BLACK 1PX">
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-TOP:SOLID BLACK 1PX">
<P ALIGN=CENTER><FONT SIZE=3  FACE=WINGDINGS>o</FONT></P>
</TD>
<TD STYLE="BORDER-right:SOLID BLACK 1PX; BORDER-BOTTOM:SOLID BLACK 1PX; BORDER-TOP:SOLID BLACK 1PX" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>

<DIV STYLE="POSITION:RELATIVE; FLOAT:RIGHT; WIDTH:50%">
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="16%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>2.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Ratification of the selection of PLANTE &amp; MORAN,
 PLLC as independent registered public accountants for the Fund&#146;s year ending
 December 31, 2009.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>FOR<BR>
 <FONT SIZE=3 FACE=WINGDINGS>o</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT Face="Times New Roman, Times, Serif" SIZE=1>AGAINST<BR>
 <FONT SIZE=3 FACE=WINGDINGS>o</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="CENTER"><FONT Face="Times New Roman, Times, Serif" SIZE=1>ABSTAIN<BR>
 <FONT SIZE=3 FACE=WINGDINGS>o</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
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</TR>
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<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>3.</FONT></P>
</TD>
<TD VALIGN=TOP COLSPAN=5>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>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>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="6" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Unless otherwise directed herein, the proxy or
 proxies appointed hereby are authorized to vote &#147;FOR&#148; proposals 1 and 2, and
 to vote in their discretion with respect to all other matters which may come
 before the Meeting.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="6" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>If only one of the above-named proxies shall be
 present in person or by substitute at the Meeting, or any adjournment
 thereof, then that one, either in person or by substitute, may exercise all
 of the powers hereby given.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="6" VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Any proxy or proxies heretofore given to vote such
 shares are hereby revoked.</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="42%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Date</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="LEFT"><FONT Face="Times New Roman, Times, Serif" SIZE=1>Date</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;Signature of Shareholder</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>Signature of Shareholder</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="5" VALIGN=TOP>
<P STYLE="MARGIN-LEFT:2PX"><FONT Face="Times New Roman, Times, Serif" SIZE=1><B>Note</B><FONT Face="Times New Roman, Times, Serif" SIZE=1>: 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></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT Face="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="99%">
<TR style="font-size:10px">
<TD WIDTH="2%" VALIGN=TOP BGCOLOR=BLACK>
<P>&nbsp;</P>
</TD>
<TD WIDTH="94%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP BGCOLOR=BLACK>
<P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><font size=2>13</font></P>

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