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<SEC-DOCUMENT>0001169232-09-001248.txt : 20090302
<SEC-HEADER>0001169232-09-001248.hdr.sgml : 20090302
<ACCEPTANCE-DATETIME>20090227184018
ACCESSION NUMBER:		0001169232-09-001248
CONFORMED SUBMISSION TYPE:	N-CSR/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20090302
DATE AS OF CHANGE:		20090227
EFFECTIVENESS DATE:		20090302

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:		N-CSR/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05807
		FILM NUMBER:		09644901

	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>N-CSR/A
<SEQUENCE>1
<FILENAME>d76325_ncsr.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body>
        <div style="WIDTH: 600px">
            <hr style="MARGIN-TOP: -5px" width="100%" noshade size="4">
            <hr style="MARGIN-TOP: -10px" width="100%" noshade size="1">

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="100%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">United States</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Securities and Exchange Commission</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Washington, D.C. 20549</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Form N-CSR/A</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Certified Shareholder Report of Registered Management</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Investment Companies</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Investment Company Act file number: 811-05807</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Eagle Capital Growth Fund, Inc.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">(Exact name of registrant as specified in charter)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">205 E. Wisconsin Ave., Suite 120, Milwaukee, WI 53202</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">(Address of principal executive offices) (zip code)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Luke E. Sims, President and Chief Executive Officer</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Eagle Capital Growth Fund, Inc.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">205 E. Wisconsin Ave., Suite 120</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Milwaukee, WI 53202</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">(Name and address of agent for service)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Registrant&rsquo;s telephone number, including area code: (414) 765-1107</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Date of fiscal year end: December 31</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Date of reporting period: December 31, 2008</font></p>
                    </td>
                </tr>
            </table>
            <br>
            <hr style="MARGIN-TOP: -2px" width="100%" noshade size="1">
            <hr style="MARGIN-TOP: -10px" width="100%" noshade size="4">

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

            <p><font face="Times New Roman, Times, serif" size="2">ITEM 1.&nbsp;&nbsp;&nbsp; REPORT TO STOCKHOLDERS</font></p>

            <p>&nbsp;</p>

            <p><br>
            </p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><img alt="(EAGLE CAPITAL GROWTH FUND, INC. LOGO)" src="d76290001.jpg"></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="4">Eagle Capital Growth Fund, Inc.<br>
            Annual Report<br>
            December 31, 2008</font></p>
            <hr align="center" width="100%" noshade size="5">

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

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b><u>Top Ten Holdings (as of December 31, 2008)</u></b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="50%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="14%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="12%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Company</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">Market Value</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">Percentage of Equity Portfolio</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <hr align="left" width="16%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Johnson &amp; Johnson</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">1,017,110</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">6.1</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>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">O&rsquo;Reilly Automotive, Inc.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">922,200</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">5.6</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Colgate-Palmolive Co.</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">891,020</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">5.4</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>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Stryker Corp.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">878,900</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">5.3</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Franklin Resources, Inc.</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">829,140</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">5.0</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>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">General Electric Co.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">810,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">4.9</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Teleflex Inc.</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">801,600</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">4.8</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>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">AFLAC Inc.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">756,360</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">4.6</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Eaton Vance Corp.</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">756,360</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">4.6</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>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Emerson Electric Co.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">732,200</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">4.4</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>
            <br>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2">Dear Fellow Shareholders,</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2008, the Fund&rsquo;s net asset value (&ldquo;NAV&rdquo;) declined 28%, after taking into account the Fund&rsquo;s $0.3512 per share year-end cash dividend. The S&amp;P 500 (total return basis), which is the benchmark against which the Fund compares itself, fell 37% for the year.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Value $100 invested in Eagle Capital Growth Fund and S&amp;P 500 in 2000</b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><img alt="(LINE GRAPH)" src="d76290002.jpg"></font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the Fund&rsquo;s relative performance was excellent, it is hard to be too ecstatic when the absolute return is so dismal. To paraphrase an old saying----you can&rsquo;t live off relative performance.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We&rsquo;ve used the market turmoil and volatility to fine-tune the Fund&rsquo;s portfolio. As you will note, we&rsquo;ve added (or increased our stake in) some mutual fund management companies (Eaton Vance, Franklin Resources, Inc. and T. Rowe Price Group) and bolstered our position in data processing companies, including Automatic Data Processing, Inc. and Paychex,
            Inc.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We dramatically reduced our exposure to banks during 2008 and remain wary of bank managers generally. We expressed our concern about managerial incompetence in the banking arena in our 2008 Semiannual Report, and nothing in the past six months has altered our views. The Fund still holds investments in a few banks where the valuations are depressed. Longer-term, it will
            be a rare and special event to find a bank in the Fund&rsquo;s portfolio.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were some other significant developments in 2008. The Fund changed its name from &ldquo;NAIC Growth Fund, Inc.&rdquo; to its current moniker. This decision was driven by the NAIC (National Association of Investors Corporation), which no longer wanted to license its name to any third party. We remain on excellent terms with the NAIC and continue to share a common
            philosophy based on long-term investing in growth companies.</font></p>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund was fortunate to be able to add two new talented directors during 2008, Phil Hanrahan and Neal Zalenko. Mr. Hanrahan, now retired, practiced corporate law for more than 40 years. Mr. Zalenko retired as a certified public accountant after 35 years of practice, including the sale of his accounting practice to a larger firm. We welcome Phil and Neal to the Board
            and know that the Fund will benefit from their intelligence, experience and insights.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We&rsquo;re always thrilled to hear from our shareholders. But, our ground rules remain the same: we won&rsquo;t discuss any prospective Fund security purchase or sale.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your continued support.</font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="5%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="36%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="58%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Luke E. Sims</font></p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">David C. Sims</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">e-mail: luke@simscapital.com</font></p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">e-mail: dave@simscapital.com</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">(414) 530-5680</font></p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">(414) 765-1107</font></p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">January 8, 2009</font></p>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Eagle Capital Growth Fund, Inc.</b><br>
            <b>Statement of Assets and Liabilities</b><br>
            <b>As of December 31, 2008</b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="76%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="13%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2"><b>Assets</b></font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Common stock--at market value (cost $15,742,947)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">16,543,029</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Cash and cash-equivalents</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">333,418</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Cash receivable for shares issued to DRIP</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">157,021</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Short-term interest receivable</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">86</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Dividends receivable</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">47,262</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Prepaid insurance</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">19,311</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">17,100,127</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2"><b>Liabilities</b></font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Accounts payable</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">4,271</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Accrued expenses</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">43,942</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">48,213</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Total net assets</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">17,051,914</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2"><b>Shareholders&rsquo; Equity</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Common stock- $0.001 par value per share; authorized 50,000,000 shares, outstanding 2,975,426 shares</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">2,977</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Paid-in capital</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">16,248,243</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Undistributed net investment income</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">612</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Unrealized appreciation on investments</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">800,082</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Shareholders&rsquo; equity</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">17,051,914</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Net asset value per share</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">5.73</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">See Notes to Financial Statements.</font></p>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Eagle Capital Growth Fund, Inc.<br>
            Statement of Operations<br>
            For the Year Ended December 31, 2008</b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="82%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="13%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2"><b>Investment Income</b></font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Dividends</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">529,456</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Interest</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">9,536</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Total investment income</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">538,992</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2"><b>Expenses</b></font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Advisory fees</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">164,564</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Legal fees</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">64,572</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Insurance</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">18,567</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Transfer agent</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">25,070</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Audit fees</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">30,600</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Directors&rsquo; fees and expenses</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">15,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Custodian fees</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">7,500</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Listing fee</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">15,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Other fees and expenses</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">33,421</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Total expenses</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">374,294</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Net investment income</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">164,698</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2"><b>Realized Gain and Unrealized Depreciation on Investments</b></font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Realized gain on investments:</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Proceeds from sale of investment securities</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">8,311,856</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Less: cost of investment securities sold</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">7,431,393</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Net realized gain on investments</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">880,463</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Unrealized appreciation on investments:</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Unrealized appreciation at end of period</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">800,082</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Less: unrealized appreciation at beginning of period</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">8,906,383</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Net change in unrealized appreciation on investments</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">(8,106,301</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Net realized gain and unrealized depreciation on investments</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">(7,225,838</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Net decrease from operations</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">(7,061,140</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">See Notes to Financial Statements.</font></p>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Eagle Capital Growth Fund, Inc.<br>
            Statements of Changes in Net Assets</b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="57%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="17%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="17%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Year Ended<br>
                        December 31, 2007</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Year Ended<br>
                        December 31, 2008</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2"><b>From Operations:</b></font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Net investment income</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">217,976</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">164,698</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Net realized gain on investments</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">2,215,083</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">880,463</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Net change in unrealized appreciation on investments</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(2,963,325</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(8,106,301</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Net decrease from operations</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">(530,266</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><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">(7,061,140</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2"><b>Distributions to Shareholders from:</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Net investment income</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(232,401</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(154,552</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Net realized gain from investment transactions</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(2,215,083</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(880,463</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Total distribution</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">(2,447,484</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><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">(1,035,015</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2"><b>From Capital Stock Transactions:</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Dividend reinvestment</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1,308,377</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">157,038</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Cash purchases</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">&mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Net increase from capital stock transactions</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1,308,377</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">157,038</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Decrease in net assets</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">(1,669,373</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</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">(7,939,117</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2"><b>Total Net Assets:</b></font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Beginning of year</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">26,660,404</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">24,991,031</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">End of period (including under/(over)distributed net investment income of $(9,534) and $612)</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">24,991,031</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">17,051,914</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2"><b>Shares:</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Shares issued to shareholders under the Dividend Reinvestment and Cash Purchase Plan</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">154,746</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">28,344</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Shares at beginning of year</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">2,792,336</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">2,947,082</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Shares at end of period</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">2,947,082</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">2,975,426</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">See Notes to Financial Statements.</font></p>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Eagle Capital Growth Fund, Inc.<br>
            Financial Highlights</b> (A)</font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="13%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="30%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p><font face="Times New Roman, Times, Serif" size="2"><b>For the periods ended:</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>2004</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>2005</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>2006</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>2007</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>2008</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Net asset value at beginning of year</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">8.99</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">9.63</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">9.58</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;$</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">9.55</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;$</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">8.48</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Net investment income</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">0.01</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">0.07</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">0.08</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;$</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">0.07</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;$</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">0.05</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Net realized gain and unrealized appreciation (loss) on investments</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">0.81</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">0.05</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">1.07</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">0.26</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><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">2.45</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Total from investment operations</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">0.82</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">0.12</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">1.15</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">0.19</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</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">2.40</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Distribution from:</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Net investment income</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(0.01</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(0.07</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(0.08</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(0.08</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(0.05</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8" colspan="2">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Realized gains</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(0.17</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(0.10</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(1.10</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(0.80</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(0.30</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Total distributions</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(0.18</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(0.17</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(1.18</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(0.88</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(0.35</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Net asset value at end of period</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">9.63</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">9.58</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">9.55</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;$</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">8.48</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;$</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">5.73</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Per share market price, end of period last traded price (B)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">7.83</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">8.70</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">8.00</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;$</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">8.30</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;$</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">5.00</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2"><b>Total Investment Return (C):</b></font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Based on market value:</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">1 Year</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(3</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">13</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">4</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">12</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(34</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">%)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">5 Year</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">7</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><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">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><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">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">5</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(4</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">10 Year</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">13</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">9</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">7</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">3</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">2</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">From inception</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">9</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">9</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">9</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">11</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">7</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Based on net asset value</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">1 Year</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">9</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><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">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">13</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(2</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(28</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">5 Year</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">6</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">2</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">5</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">8</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(3</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">%)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">10 Year</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">13</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">9</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">9</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">7</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><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">%</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">From inception</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">11</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">10</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">10</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">11</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">8</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Net assets, end of year (000s omitted)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">26,873</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">26,760</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">26,660</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;$</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">24,991</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;$</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">17,052</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Ratios to average net assets (annualized):</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Ratio of expenses to average net assets</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1.80</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1.46</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1.50</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1.64</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1.69</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Ratio of net investment income to average net assets</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">0.11</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">0.72</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">0.85</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">0.81</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">0.74</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Portfolio turnover</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">7</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">4</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">7</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">16</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">37</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8" colspan="2">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Average commission paid per share</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">0.10</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">0.08</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">0.06</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;$</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">0.02</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;$</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">0.01</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">(A) All per share data for the periods shown has been restated to reflect the effect of a 15% stock dividend that was declared on April 21, 2005, and paid on May 23, 2005 to shareholders of record on May 13, 2005.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">(B) If there was no sale on the valuation date, the bid price for each such date is shown.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">(C) Sims Capital Management LLC became the investment advisor to the Fund on June 1, 2007.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">See Notes to Financial Statements.</font></p>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Eagle Capital Growth Fund, Inc.<br>
            Portfolio of Investments (as of December 31, 2008)</b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="36%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="15%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Common Stock (97.1% of total investments)</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Shares</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Cost</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Market Value</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Percent of Total<br>
                        Investments</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2"><b>Consumer</b></font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Colgate- Palmolive Co.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">13,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">322,390</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">891,020</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">PepsiCo, Inc.</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">10,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">168,296</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">547,700</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">1,438,720</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(8.4</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2"><b>Data Processing</b></font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Automatic Data Processing, Inc.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">12,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">417,172</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">472,080</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Jack Henry &amp; Associates Inc.</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">34,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">626,877</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">659,940</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Metavante Technologies, Inc.*</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1,666</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">43,292</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">26,839</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Paychex Inc.</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">18,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">522,370</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">473,040</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Total Systems Services, Inc.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">13,065</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">177,851</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">182,910</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">1,814,809</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(10.7</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>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2"><b>Drug/Medical Device</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Johnson &amp; Johnson</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">17,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">731,295</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1,017,110</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Medtronic, Inc.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">17,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">850,214</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">534,140</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Pfizer Inc.</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">33,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">701,800</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">584,430</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Stryker Corp.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">22,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">180,012</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">878,900</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Teleflex Inc.</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">16,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">545,608</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">801,600</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Zimmer Holdings Inc.*</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">81,859</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">40,420</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">3,856,600</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(22.6</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>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2"><b>Bank</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">CIT Group, Inc.</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">20,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">587,335</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">90,800</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Citigroup Inc.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">22,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">368,636</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">147,620</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Marshall &amp; Ilsley Corporation</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">5,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">167,716</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">68,200</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">State Street Corp.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">6,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">54,688</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">235,980</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">542,600</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(3.2</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>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2"><b>Industrial</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Emerson Electric Co.</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">20,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">335,278</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">732,200</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">General Electric Co.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">50,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1,179,979</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">810,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Graco Inc.</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">25,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">987,169</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">593,250</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Manitowoc Company Inc.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">65,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1,269,708</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">562,900</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Sigma Aldrich Corp.</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">7,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">58,094</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">295,680</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">2,994,030</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(17.6</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%)</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2"><b>Mutual Fund Managers</b></font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Eaton Vance Corp.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">36,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1,032,875</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">756,360</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Franklin Resources</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">13,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1,190,124</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">829,140</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">T. Rowe Price, Inc.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">19,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">633,571</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">673,360</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">2,258,860</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(13.3</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>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2"><b>Insurance</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">AFLAC Inc.</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">16,500</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">79,484</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">756,360</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Berkshire Hathaway &ldquo;B&rdquo;*</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">160</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">636,737</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">514,240</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">1,270,600</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(7.5</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>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2"><b>Retail/Distribution</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">The Home Depot, Inc.</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">26,500</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1,039,592</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">610,030</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Lowe&rsquo;s Companies Inc.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">10,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">254,089</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">215,200</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">O&rsquo;Reilly Automotive Inc.*</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">30,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">189,637</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">922,200</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Sysco Corp.</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">27,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">309,199</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">619,380</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">15,742,947</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">2,366,810</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(13.9</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>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Total common stock investments</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">15,742,947</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">16,543,029</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Cash and cash equivalents (2.9% of total investments)</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">490,439</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Total investments</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">17,033,468</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">All other assets less liabilities</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">18,446</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font face="Times New Roman, Times, Serif" size="2">Total net assets</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">17,051,914</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">* = Non-dividend paying security</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">See Notes to Financial Statements.</font></p>
            <hr align="center" width="100%" noshade size="5">

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

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Notes to Financial Statements</b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="5%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="95%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>(1)</i></font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Organization.</i></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Eagle Capital Growth Fund, Inc., a Maryland corporation (&ldquo;Fund&rdquo;), is a diversified closed-end investment company subject to the Investment Company Act of 1940. The Fund changed its corporate name from &ldquo;NAIC Growth Fund, Inc.&rdquo; to its current name at the end of May, 2008.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>(2)</i></font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Significant Accounting Policies.</i></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">The following is a summary of the significant accounting policies followed by the Fund not otherwise set forth in the Notes to the Financial Statements:</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Dividends and distributions</i>&mdash;Dividends from the Fund&rsquo;s net investment income and realized net long- and short-term capital gains will be declared and distributed at least annually.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Investments</i>&mdash;Investments in equity securities are stated at market value, which is determined based on quoted market prices or dealer quotes. If no such price is available on the valuation date, the Board of Directors has determined that the most recent market price be used. The Fund uses the amortized cost method to determine the carrying value of short-term debt obligations. Under this method,
                        investment securities are valued for both financial reporting and Federal tax purposes at amortized cost, which approximates fair value. Any discount or premium is amortized from the date of acquisition to maturity. Investment security purchases and sales are accounted for on a trade date basis. Interest income is accrued on a daily basis while dividends are included in income on the ex-dividend date.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Use of estimates</i>&mdash;The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the
                        reporting period. Actual results could differ from those estimates.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Federal income taxes</i>&mdash;The Fund intends to comply with the general qualification requirements of the Internal Revenue Code applicable to regulated investment companies such as the Fund. The Fund plans to distribute annually at least 90% of its taxable income, including net long-term capital gains, to its shareholders. In order to avoid imposition of the excise tax applicable to regulated investment
                        companies, the Fund intends to declare as dividends in each calendar year an amount equal to at least 98% of its net investment income and 98% of its net realized capital gains (including undistributed amounts from previous years).</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">The following information is based upon the Federal income tax basis of portfolio investments as of December 31, 2008:</font></p>
                    </td>
                </tr>
            </table>
            <br>

            <table cellspacing="0" cellpadding="0" width="55%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="38%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="12%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Gross unrealized appreciation</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">4,856,968</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Gross unrealized depreciation</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">(4,056,886</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">)</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Net unrealized appreciation</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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">800,082</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Federal income tax basis</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">15,742,947</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>
            <br>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="5%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="95%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Expenses</i>&mdash;The Fund&rsquo;s service providers bear all of their expenses in connection with the performance of their services. The Fund bears all of its expenses incurred in connection with its operations including, but not limited to, investment advisory fees (as discussed in Note 3), legal and audit fees, taxes, insurance, shareholder reporting and other related costs. As noted in Note 3, the
                        Fund&rsquo;s investment advisor, as part of its responsibilities under the Investment Advisory Agreement, is required to provide certain internal administrative services to the Fund at such investment advisor&rsquo;s expense. The Investment Advisory Agreement provides that the Fund may not incur annual aggregate expenses in excess of two percent (2%) of the first $10 million of the Fund&rsquo;s average net assets, one and a half percent (1.5%) of the next $20 million of
                        the average net assets, and one percent (1%) of the remaining average net assets for any fiscal year. Any excess expenses are the responsibility of the investment advisor.</font></p>
                    </td>
                </tr>
            </table>
            <br>
            <hr align="center" width="100%" noshade size="5">

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

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="5%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="95%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Fair Value Accounting</i>&mdash;Effective January 1, 2008, the Fund adopted SFAS 157. SFAS 157 established a framework for measuring fair value and expands disclosure about fair value measurements. SFAS 157 was issued to bring conformity to the definition of fair value; prior to SFAS 157 there was no conformity in the accounting guidance regarding the definition of fair value.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Valuation Hierarchy</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">SFAS 157 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 &ndash; inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets in which the Fund can participate.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 &ndash; inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 &ndash; inputs to the valuation methodology are unobservable and significant to the fair value measurement, and include inputs that are available in situations where there is little, if any, market activity for the related asset or liability.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">A financial instrument&rsquo;s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">The following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><b>Assets</b></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Common Stock Investments</u></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the Fund&rsquo;s common stock investments are classified within Level 1 of the valuation hierarchy as quoted prices are available in an active market.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the financial instruments carried at fair value as of December 31, 2008, as identified on the Statement of Assets and Liabilities and by the SFAS 157 hierarchy (as described above):</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets measured at fair value on a recurring basis as of December 31, 2008:</font></p>
                    </td>
                </tr>
            </table>
            <br>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="37%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="15%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="12%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Quoted Prices in<br>
                        Active Markets<br>
                        for Identical<br>
                        Assets<br>
                        Level 1</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Significant<br>
                        Other<br>
                        Observable<br>
                        Inputs<br>
                        Level 2</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Significant<br>
                        Unobservable<br>
                        Inputs<br>
                        Level 3</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Balance at<br>
                        December 31,<br>
                        2008</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Common Stock Investments</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">$ 16,543,029</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">$ &mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">$ &mdash;</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">$ 16,543,029</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>
            <br>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="5%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="95%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>(3)</i></font></p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Certain Service Providers Arrangements</i></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Investment advisor</i>&mdash;For its services under the Investment Advisory agreement, the investment advisor receives a monthly fee calculated at an annual rate of three-quarters of one percent (0.75%) of the weekly net asset value of the Fund, as long as the weekly net asset value is at least $3.8 million. The investment advisor is not entitled to any compensation for any week in which the average weekly net
                        asset value falls below $3.8 million. Pursuant to the Investment Advisory Agreement, the investment advisor is required to provide certain internal administrative services to the Fund at the investment advisor&rsquo;s expense.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Effective June 1, 2007, following shareholder approval of the Investment Advisory Agreement, Sims Capital Management LLC (&ldquo;SCM&rdquo;) began serving as the Fund&rsquo;s investment advisor. Pursuant to the Investment Advisory Agreement, SCM is responsible for the management of the Fund&rsquo;s portfolio,</font></p>
                    </td>
                </tr>
            </table>
            <br>
            <hr align="center" width="100%" noshade size="5">

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

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="5%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="95%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">subject to oversight by the Fund&rsquo;s Board of Directors. SCM is 50 percent owned by the President and CEO who is also Director of the Fund and an owner of more than five percent of the Fund&rsquo;s outstanding shares. David C. Sims, the son of the President and CEO, is the Fund&rsquo;s Chief Financial Officer and Chief Compliance Officer and owns the remaining 50 percent of SCM.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Custodian</i>&mdash;LaSalle Bank, NA (&ldquo;LaSalle&rdquo;), an affiliate of Bank of America Corporation, serves as the Fund&rsquo;s custodian pursuant to a custodian agreement. As the Fund&rsquo;s custodian, LaSalle receives fees and compensation of expenses for services provided including, but not limited to, an annual account charge, annual security fee, security transaction fee and statement of inventory
                        fee.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Transfer Agent</i>&mdash;Transfer agent American Stock Transfer &amp; Trust Company (&ldquo;AST&rdquo;) serves as the Fund&rsquo;s transfer agent and dividend disbursing agent pursuant to custody agreements. AST receives fees for services provided including, but not limited to, account maintenance fees, activity and transaction processing fees and reimbursement for its out-of-pocket expenses. AST also acts as the
                        agent under the Fund&rsquo;s Dividend Reinvestment and Cash Purchase Plan.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>(4)</i></font></p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Dividend Reinvestment and Cash Purchase Plan.</i></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">The Fund has a Dividend Reinvestment and Cash Purchase Plan (&ldquo;Plan&rdquo;) which allows shareholders to reinvest cash dividends and make cash contributions. Pursuant to the terms of the Plan, cash dividends may be used by the Plan agent to either purchase shares from the Fund or in the open market, depending on the most favorable pricing available to Plan participants. Voluntary cash contributions from Plan
                        participants are used to purchase Fund shares in the open market. A complete copy of the Plan is available on the Fund&rsquo;s website (www.eaglecapitalgrowthfund.com) or from AST, the Plan agent.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>(5)</i></font></p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Distributions to Shareholders</i></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">On December 1, 2008, a distribution of $0.3512 per share aggregating $1,035,015 was declared from realized short- and long-term gains and ordinary income. The dividend was paid on December 26, 2008, to shareholders of record December 12, 2008.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">The tax character of distributions paid during 2007 and 2008 was as follows:</font></p>
                    </td>
                </tr>
            </table>
            <br>

            <table style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="70%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">2007</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">2008</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Distributions paid from:</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Ordinary Income</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">232,401</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">154,552</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Capital Gains:</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Long-term</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">23,816</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">120,368</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Short-term</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">2,191,267</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">760,095</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">2,447,484</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">1,035,015</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>
            <br>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="5%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="94%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">As of December 31, 2008, the components of distributable earnings on a tax basis were as follows:</font></p>
                    </td>
                </tr>
            </table>
            <br>

            <table cellspacing="0" cellpadding="0" width="89%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="84%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Under-distributed ordinary income</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><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">612</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt"><font face="Times New Roman, Times, Serif" size="2">Unrealized appreciation</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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">800,082</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>
            <br>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="5%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="95%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>(6)</i></font></p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Fund Investment Transactions</i></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Purchases and sales of securities, other than short-term securities, for the period ended December 31, 2008, were $8,524,522 and $8,311,856, respectively.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>(7)</i></font></p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><i>Financial Highlights.</i></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">The Financial Highlights present a per share analysis of how the Fund&rsquo;s net asset value has changed during the periods presented. Additional quantitative measures expressed in ratio form analyze important relationships between certain items presented in the financial statements. The total investment return based on market value assumes that shareholders bought into the Fund at the bid price and sold out of the
                        Fund at the bid price. In reality, shareholders buy into the Fund at the asked price and sell out of the Fund at the bid price. Therefore, actual returns may differ from the amounts shown.</font></p>
                    </td>
                </tr>
            </table>
            <br>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm</font></p>

            <div>
                <font face="Times New Roman, Times, Serif" size="2">To the Board of Directors and Shareowners</font>
            </div>

            <div>
                <font face="Times New Roman, Times, Serif" size="2">Eagle Capital Growth Fund, Inc.</font>
            </div>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">We have audited the accompanying statement of assets and liabilities, including the portfolio of investments of Eagle Capital Growth Fund, Inc., as of December 31, 2008 and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These
            financial statements and financial highlights are the responsibility of the Company&rsquo;s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control
            over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company&rsquo;s internal control over financial reporting. Accordingly we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
            statements. Our procedures included confirmation of securities owned as of December 31, 2008 by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eagle Capital Growth Fund, Inc. as of December 31, 2008, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then
            ended, in conformity with accounting principles generally accepted in the United States of America.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">/s/ Plante &amp; Moran, PLLC</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">Auburn Hills, Michigan<br>
            February 9, 2009</font></p>
            <hr align="center" width="100%" noshade 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.<br>
            DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN<br>
            (THE &ldquo;PLAN&rdquo;)</b></font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADVANTAGES OF THE PLAN</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">Your increased shareholdings of Eagle Capital Growth Fund, Inc. common stock will generate additional dividend and/or other distribution income.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">You may choose to have all of your dividends and/or other distributions reinvested in shares of Eagle Capital Growth Fund, Inc. common stock.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">You may make additional voluntary cash investments as often as once each month, in an amount of not less than $50 nor more than $250,000 per year.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">Your cash dividends and/or other distributions will go directly to American Stock Transfer &amp; Trust Company (the &ldquo;Plan Agent&rdquo;), which will administer the Plan, assuring prompt reinvestment of your dividends and/or other distributions. It is intended that such cash dividends and/or other distributions, together with any voluntary cash payments, will be fully utilized to purchase shares of Eagle
            Capital Growth Fund, Inc. common stock.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">The Plan Agent does all of the work and, at your option, will accept delivery from you, for safekeeping of, the certificates which you hold in your own name and representing shares of stock of Eagle Capital Growth Fund, Inc. by establishing a &ldquo;book-entry&rdquo; account in your name.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">The maintenance of your personal records is simplified by the detailed statements which the Plan Agent will mail to you after each investment.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">Participation in the Plan is entirely voluntary. You may join at any time, and you may terminate your participation whenever you wish by following the procedures described below.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">There are no fees or charges imposed upon you, other than brokerage commissions, and reasonable transaction and termination fees.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PARTICIPATION IN THE PLAN</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">Any holder of common stock of Eagle Capital Growth Fund, Inc. (&ldquo;Fund&rdquo;), may participate in the Plan.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>JOINING THE PLAN</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">To join the Plan, you can either enroll on-line at <b>www.amstock.com</b> and clicking on &ldquo;Shareholder Account Access&rdquo; or you can sign and complete the enclosed enrollment and authorization form and mail it to: American Stock Transfer &amp; Trust Company, P.O. Box 922 Wall Street Station, New York, New York 10269-0560. Please make sure that if you enroll by completing the enrollment and authorization
            form that you sign your name exactly the same as shown on your shareholder account. Once you have completed and returned the form to American Stock Transfer &amp; Trust Company, you will begin participating automatically in the Plan and all cash dividends and/or other distributions on Eagle Capital Growth Fund, Inc. common stock registered in your name will be reinvested automatically.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>COSTS OF THE PLAN</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">There are no special fees or charges relating to participation in the Plan, other than reasonable transaction fees and brokerage commissions. A termination or sale fee (currently $15 plus $0.10 per share) may be imposed when you terminate or sell your shares in the Plan and take delivery of accumulated shares. The benefit of any reduced brokerage commissions will be passed on, <i>pro rata</i>, to participants. In
            addition, if you wish to deposit your certificated shares in your plan account, there is currently a transaction fee of $7.50 for this service.</font></p>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>DIVIDEND REINVESTMENT</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">Dividend payments and/or other distributions made by the Fund to participants in the Plan are made in one of two ways. They are paid to the Plan Agent either in cash (which then are used to purchase shares in the open market), or by the delivery of newly-issued Fund shares. The option chosen by the Fund is the one that the Fund determines is the most favorable to participants, as described below under
            &ldquo;Additional Terms and Conditions of Participation in the Eagle Capital Growth Fund, Inc. Dividend Reinvestment and Cash Purchase Plan.&rdquo; In the event the Plan Agent is unable to complete its acquisition of shares to be purchased on the open market by the end of the thirtieth (30th) day following receipt of the cash dividends and/or other distributions from the Fund, any remaining funds will be returned to the Participants on a pro rata basis.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>VOLUNTARY CASH PAYMENTS</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">You may make voluntary monthly cash payments of not less than $50 (but not more than $250,000 per year) for the purpose of acquiring additional shares. You may make these voluntary cash payments regularly or from time to time, and you may also vary the amount of each payment so long as the amount of any monthly voluntary cash payment meets the foregoing limitations. Voluntary cash payments must be received by the
            Plan Agent on or prior to the last day of any month and will be invested beginning on or about the first business day of the following month (an &ldquo;Investment Date&rdquo;). Voluntary cash payments will be invested in shares purchased in the open market, (calculated to three decimal places in your account). However, if purchases of shares on the open market with such voluntary cash payments have not been completed by an ex-dividend date, the balance of such cash payments will be
            returned and credited on a pro rata basis. The Plan Agent will also return all voluntary cash payments it is holding or receives for purchases to be made on the Investment Date immediately following the dividend payment date if purchases are being made with the cash dividends or other distributions on or after such Investment Date. In the event the Plan Agent is unable to complete its acquisition of shares to be purchased on the open market by the end of the thirtieth
            (30<sup>th</sup>) day following the Investment Date, any remaining funds will be returned to the participants on a pro rata basis. All cash payments received by the Plan Agent in connection with the Plan will be held without earning interest. To avoid unnecessary cash accumulations, and also to allow ample time for receipt and processing by the Plan Agent, participants that wish to make voluntary cash payments should send such payments to the Plan Agent in such a manner that assures
            that the Plan Agent will receive and collect federal funds by the end of the month. This procedure will avoid unnecessary accumulations of cash and will enable participants to realize lower brokerage commissions and avoid additional transaction charges. If a voluntary cash payment is not received in time to purchase shares for the calendar month indicated, the Plan Agent shall attempt to invest such payment on the next Investment Date. Optional cash payments can also be made on-line
            at <b>www.amstock.com.</b> You need to know your American Stock Transfer &amp; Trust Company 10 digit account number to access your account.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">If an optional cash payment is paid by a check and the check is returned by the bank, a fee of $25 will be charged. If the funds have not yet been invested, the Plan Agent will debit the amount of such funds. If the funds have been invested, then the Plan Agent will sell the shares to recover the amount of the returned check. If the cash balance of the sale is not enough to cover the debit of the amount of the
            returned check, then the Plan Agent reserves the right to sell account shares to pay the balance. The Plan Agent will also sell additional shares to recover the amount of the return fee.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>HOLDING OF SHARES</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">For your convenience, the Plan Agent will hold all shares that you acquire as a result of your participation in the Plan for safekeeping. However, upon your on-line request at <b>www.amstock.com,</b> telephonically at (877) 739-9994 or request by mail, the Plan Agent will send you a certificate representing a specified number of full shares which you have acquired through the Plan and which are held for your
            account.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">The Plan Agent will also allow you to deposit with it, in safekeeping and in your &ldquo;book-entry&rdquo; account for the Plan, any additional stock certificates for the Fund&rsquo;s shares you might have in your possession. This will enable you to guard against loss, theft or damage.</font></p>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>STATEMENT OF ACCOUNT</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">A cumulative, detailed statement of your account under the Plan for each current calendar year will be sent to you by the Plan Agent; and you will also receive the customary Form 1099 (Internal Revenue Service) reporting dividend and/or other distribution income.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WITHDRAWAL OF SHARES</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">You are not committed to remain in the Plan. You may terminate your participation at any time by written notice to the Plan Agent or on line at <b>www.amstock.com</b>. All requests for termination of participation in the Plan must be received at least three business days prior to the next dividend and/or other distribution payment date in order for the cash dividend and/or other distribution not to be reinvested.
            A separate written request, however, must be made to obtain the return of any voluntary cash payment. You may obtain the return of any voluntary cash payment if your written request is received by the Plan Agent at least forty-eight (48) hours prior to the time such voluntary cash payment is invested.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">Upon terminating participation in the Plan, certificates for full shares held in your account will be issued and sent to you. Any remaining fractional share will be converted to cash, on the basis of the then current market price of the Fund&rsquo;s common stock, and a check, representing the same, will be issued and sent to you (less service fees). If you desire, you may direct that your full shares be sold in
            the open market and that the proceeds (less any brokerage commission incurred as a result of such sale) be sent to you.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAX CONSIDERATIONS</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">Dividends (including those declared in shares of stock) and other distributions invested under the Plan are taxable in the same way as dividends and other distributions paid to you in cash.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHAREHOLDERS&rsquo; RIGHTS</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">Shares held under the Plan have the same rights as all other shares, in terms of stock dividends, stock splits, and preemptive and voting rights. Stock dividends will be fully credited to your account. Transaction processing may either be curtailed or suspended until the completion of any stock dividend, stock split or corporate action.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MORE DETAILED INFORMATION</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">If you have any questions regarding your specific participation in the Plan, please visit the Plan Agent on-line at <b>www.amstock.com</b>, call the Plan Agent at (877) 739-9994 or write the Plan Agent at:</font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="10%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="90%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><b>Transaction Processing</b></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">American Stock Transfer &amp; Trust Company</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">DRP Plan</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">P.O. Box 922 Wall Street Station</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">New York, NY 10269-0560</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><b>Inquiries</b></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">American Stock Transfer &amp; Trust Company</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">6201 15<sup>th</sup> Avenue</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Brooklyn, NY 11219</font></p>
                    </td>
                </tr>
            </table>
            <br>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Directors Who Are Interested Persons of the Fund and Officers</b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="13%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="27%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="13%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="15%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="top" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Name,<br>
                        Address<br>
                        and Age*</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Position(s)<br>
                        Held with<br>
                        Fund</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Term of<br>
                        Office and<br>
                        Length<br>
                        of Time<br>
                        Served</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Principal Occupation(s)<br>
                        During Past 5 Years<br>
                        (in addition to positions held<br>
                        in the Fund)</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Number of<br>
                        Portfolios<br>
                        in Fund<br>
                        Complex<br>
                        Overseen by<br>
                        Director or<br>
                        Nominee for<br>
                        Director**</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Other<br>
                        Directorships<br>
                        Held by Director or Nominee<br>
                        for Director<br>
                        (Public Companies)</font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Luke E. Sims, age 59</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">President; Chief Executive Officer and Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Term of office one year. Served as a director since 2002.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">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>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">LaCrosse Footwear, Inc. (manufacturer and marketer of sporting and industrial footwear)</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">* The address of Mr. Sims is the address of the principal executive office of the Fund. 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&rsquo;s outstanding shares of common stock and he is affiliated with the Fund&rsquo;s investment advisor, Sims
            Capital Management LLC (the &ldquo;Advisor&rdquo;). Luke E. Sims is the father of David C. Sims, the Chief Financial Officer and Chief Compliance Officer of the Fund.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">** The Fund is not part of any fund complex.</font></p>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Directors Who Are Not Interested Persons</b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="13%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="27%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="13%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="15%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="top" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Name,<br>
                        Address<br>
                        and Age*</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Position(s)<br>
                        Held with<br>
                        Fund</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Term of<br>
                        Office and<br>
                        Length<br>
                        of Time Served</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Principal Occupation(s)<br>
                        During Past 5 Years</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Number of<br>
                        Portfolios<br>
                        in Fund Complex<br>
                        Overseen by<br>
                        Director or<br>
                        Nominee for<br>
                        Director**</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Other<br>
                        Directorships<br>
                        Held by<br>
                        Director<br>
                        or Nominee<br>
                        for Director<br>
                        (Public<br>
                        Companies)</font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Robert M.<br>
                        Bilkie, Jr.,<br>
                        age 48</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Chairman; Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Term of office one year. Served as a director since 2006.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">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>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Phillip J.<br>
                        Hanrahan,<br>
                        age 69</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Term of office one year. Served as a director since 2008.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Retired partner of Foley &amp; Lardner LLP (law firm).</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Carl A. Holth, age 76</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Term of office one year. Served as a director since 1989.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Retired; former Director, Sunshine Fifty, Inc. and former Director Harrison Piping Supply, Inc.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Peggy L.<br>
                        Schmeltz,<br>
                        age 81</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Term of office one year. Served as a director since 1989.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Retired; Trustee of Better Investing (NAIC) (since 1995); lecturer at various NAIC chapters, former Director of Bowling Green State University Foundation Board.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Benedict J.<br>
                        Smith, age 89</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Term of office one year. Served as a director since 1996.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">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>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Neal F.<br>
                        Zalenko,<br>
                        age 63</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Term of office one year. Served as a director since 2008.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">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>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">*The address of each is the address of the principal executive office of the Fund.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">**The Fund is not part of any fund complex.</font></p>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Officers Who Are Not Directors</b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="13%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="10%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="27%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="13%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="15%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="top" width="1%">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Name,<br>
                        Address<br>
                        and Age*</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Position(s)<br>
                        Held with<br>
                        Fund</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Term of<br>
                        Office and<br>
                        Length<br>
                        of Time<br>
                        Served</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Principal Occupation(s)<br>
                        During Past 5 Years</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Number of<br>
                        Portfolios<br>
                        in Fund<br>
                        Complex<br>
                        Overseen by<br>
                        Director or<br>
                        Nominee for<br>
                        Director**</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Other<br>
                        Directorships<br>
                        Held by<br>
                        Director<br>
                        or Nominee<br>
                        for Director<br>
                        (Public<br>
                        Companies)</font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">David C. Sims<br>
                        age 27</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Chief Financial Officer and Chief Compliance Officer</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Term of office one year. Served as Chief Financial Officer and Chief Compliance Officer since 2007*</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Manager, Peregrine Investment Fund LLC (private investment fund) since 2003; Manager of the Advisor since 2003.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Christopher J. Dine<br>
                        age 52</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Secretary</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Term of office one year. Served as Secretary since 2007.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Attorney with Bodman LLP since 1985</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">*The address of each is the address of the principal executive office of the Fund.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">**The Fund is not part of any fund complex.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">***David C. Sims is the son of Luke E. Sims, the President and Chief Executive Officer of the Fund.</font></p>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Compensation.</b></font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the aggregate compensation paid to all Fund directors for the period ended December 31, 2008. Directors who are not &ldquo;interested persons&rdquo; of the Fund receive an annual retainer of $3,000 a year, paid in equal quarterly installments. Directors who are &ldquo;interested persons&rdquo; of the Fund are not entitled to receive
            directors&rsquo; fees. Directors are reimbursed for out-of-pocket expenses in connection with attending Board meetings.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luke E. Sims, who is deemed to be an &ldquo;interested person&rdquo; of the Fund, is not entitled to receive directors&rsquo; fees from the Fund by reason of his relationship to the Fund&rsquo;s investment advisor.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Fund officer receives compensation in his capacity as an officer of the Fund. Fund officers are: Luke E. Sims, President and Chief Executive Officer; Christopher J. Dine, Secretary; and David C. Sims, Chief Financial Officer and Chief Compliance Officer. Robert M. Bilkie, Jr. is the Fund&rsquo;s Chairman, which is not an executive officer position.</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 a mutual fund complex.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">Directors who are &ldquo;interested persons&rdquo; of the Fund:</font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="27%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="22%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="14%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="15%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Name, Position</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Aggregate<br>
                        Compensation<br>
                        From Fund</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Pension or Retirement<br>
                        Benefits Accrued as<br>
                        part of Fund<br>
                        Expenses</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Estimated<br>
                        Annual<br>
                        Benefits upon<br>
                        Retirement</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Total<br>
                        Compensation<br>
                        from Fund and<br>
                        Complex paid<br>
                        to Directors</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Luke E. Sims,<br>
                        Director, President, CEO</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">Directors who are not &ldquo;interested persons&rdquo; of the Fund:</font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="25%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="12%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="11%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="9%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Name, Position</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="4">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Aggregate<br>
                        Compensation<br>
                        From Fund</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Pension or Retirement<br>
                        Benefits Accrued as<br>
                        part of Fund<br>
                        Expenses</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Estimated<br>
                        Annual<br>
                        Benefits upon<br>
                        Retirement</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="4">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2">Total<br>
                        Compensation<br>
                        from Fund and<br>
                        Complex paid<br>
                        to Directors</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Robert M. Bilkie, Jr.,<br>
                        Director</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Phillip J. Hanrahan<br>
                        Director</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Carl A. Holth,<br>
                        Director</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Peggy L. Schmeltz,<br>
                        Director</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Benedict J. Smith,<br>
                        Director</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</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>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Neal F. Zalenko,<br>
                        Director</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</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>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>
            <br>
            <hr align="center" width="100%" noshade size="5">

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

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="23%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="23%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="19%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="24%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2"><b>Board of Directors</b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Robert M. Bilkie, Jr.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Carl A. Holth</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Phillip J. Hanrahan</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Peggy L. Schmeltz</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Chairman of the Board</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Director</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Southfield, MI</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Clinton Twp., MI</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Milwaukee, WI</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Bowling Green, OH</font></p>
                    </td>
                </tr>
            </table>
            <br>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="34%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="21%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="37%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Luke E. Sims</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Benedict J. Smith</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Neal Zalenko</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">President &amp; Chief Executive Officer</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Director</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Milwaukee, WI</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Birmingham, MI</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Birmingham, MI</font></p>
                    </td>
                </tr>
            </table>
            <br>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Shareholder Information</b></font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><i>Trading.</i> Fund shares trade under the symbol GRF on the NYSE Alternext US (formerly the American Stock Exchange).</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><i>Fund Stock Repurchases.</i> The Fund is authorized, from time to time, to repurchase its shares in the open market, in private transactions or otherwise, at a price or prices reasonably related to the then prevailing market price.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><i>Dividend Reinvestment and Cash Purchase Plan.</i> By participating in the Fund&rsquo;s Dividend Reinvestment and Cash Purchase Plan (&ldquo;Plan&rdquo;), you can automatically reinvest your cash dividends in additional Fund shares without paying brokerage commissions. You can secure a copy of the Plan from the Fund&rsquo;s website (www.eaglecapitalgrowthfund.com) or by contacting American Stock Transfer &amp; Trust Company,
            6201 15<sup>th</sup> Avenue, Brooklyn, NY 11219, telephone number (800) 937-5449.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><i>Dividend Checks/Stock Certificates/Address Changes/Etc</i>. If you have a question about lost or misplaced dividend checks or stock certificates, have an address change to report, or have a comparable shareholder issue or question, please contact the Fund&rsquo;s transfer agent, American Stock Transfer and Trust Company, 6201 15<sup>th</sup> Avenue, Brooklyn, NY 11219, telephone number (800) 937-5449.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><i>Proxy Voting.</i> The Fund typically votes by proxy the shares of portfolio companies. If you&rsquo;d like information about the policies and procedures that the Fund follows in voting, or how the Fund has voted on a particular issue or matter during the most recent 12-month period ended June 30, 2008, you can get that information without charge (Form N-PX) from the SEC&rsquo;s website (www.sec.gov) or the Fund&rsquo;s
            website (www.eaglecapitalgrowthfund.com), or by calling the Fund at (414) 765-1107 (collect) or by sending an e-mail request (to dave@simscapital.com).</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><b><i>Fund Privacy Policy/Customer Privacy Notice (January 1, 2009). We collect nonpublic personal information about you from the following sources: (i) information we receive from you on applications or other forms and (ii) information about your transactions with us or others. We do not disclose any nonpublic personal information about you to anyone, except as permitted by law, and as follows. We may disclose all of the
            information we collect, as described above, to companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements. If you decide to close your account(s) or no longer be a shareholder of record, we will adhere to the privacy policies and practices as described in this notice. We restrict access to your personal and account information to those employees who need to know that information to provide services to you.
            We maintain physical, electronic, and procedural safeguards to guard you nonpublic personal information. In this notice, the term &ldquo;we&rdquo; refers to the Fund, Eagle Capital Growth Fund, Inc.</i></b></font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><i>Additional Information.</i> The Fund files a complete schedule of its portfolio holdings with the Securities and Exchange Commission (SEC) as of the end of the first and third calendar quarters on SEC Form N-Q. You can obtain copies of these filings, and other information about the Fund, from the SEC&rsquo;s website (www.sec.gov) or from the Fund&rsquo;s website (www.eaglecapitalgrowthfund.com), or by calling the Fund at
            (414) 765-1107. The Fund&rsquo;s Forms N-Q can be reviewed and copied at the SEC&rsquo;s Public Reference Room in Washington, D.C., and you can obtain information about the operation of the Public Reference Room by calling the SEC at (800) 732-0330.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><i>Approval of Renewal of Investment Advisory Contra</i>ct<i>.</i> At its December 1, 2008 Board meeting, the Board of Directors approved the renewal of the Fund&rsquo;s investment advisory agreement with SCM (with Luke E. Sims abstaining). The Board determined that SCM&rsquo;s performance should be reviewed on an approximate five-year time horizon, and that it was too soon to use performance as a criterion, though the Board was
            pleased that the Fund&rsquo;s performance had outperformed the S&amp;P 500 index. The Board then reviewed other factors in determining to retain SCM as investment advisor including, among other things, the nature, extent and quality of services provided by SCM, the cost of services provided by SCM (and benefits to be realized by SCM as a result of its relationship with the Fund), the economics of scale that may be realized as the Fund grows, whether fee level reflects the economies
            of scale for the benefit of Fund investors, the investment philosophy of SCM, the Fund&rsquo;s portfolio turnover, best execution and trading costs, personnel considerations, resources available to SCM, SCM&rsquo;s ability to satisfy compliance obligations and other relevant factors. Overall, the Board determined that is remained satisfied with the nature, extent and quality of services provided by SCM.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><i>Electronic Distribution of Shareholder Reports and Other Communications.</i> If you&rsquo;d like to receive copies of the Fund&rsquo;s annual reports, semiannual reports, proxy statement, press releases and other comparable</font></p>
            <hr align="center" width="100%" noshade size="5">

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

            <p><font face="Times New Roman, Times, Serif" size="2">communications electronically, please provide your e-mail address to dave@simscapital.com. By providing your e-mail address to the Fund, you are consenting to the Fund sending the identified materials to you by e-mail.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><i>General Inquiries.</i> If you have a question or comment on any matter not addressed above, please contact the Fund (Eagle Capital Growth Fund, Inc.) at, 205 E. Wisconsin Ave., Suite 120, Milwaukee, WI 53202, telephone number (414) 765-1107, or the Fund&rsquo;s investment advisor, Sims Capital Management LLC (dave@simscapital.com).</font></p>
            <hr align="center" width="100%" noshade size="5">

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

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">[This page left blank intentionally.]</font></p>
            <br>
            <hr align="center" width="100%" noshade size="5">

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2"><br>
            ITEM 2.</font><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">CODE OF ETHICS</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.43in; TEXT-ALIGN: left"><font size="2">The Fund has adopted a Code of Ethics for Financial Professionals, which applies to the principal executive officer of the Fund, all professionals serving as principal financial officer, the principal account officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Fund or a third party, and the members of the
            Fund&rsquo;s Board of Directors. The Code of Ethics for Financial Professionals has been posted on the Fund&rsquo;s website at www.eaglecapitalgrowthfund.com.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="368" border="0">
                    <tr>
                        <td valign="top" nowrap width="80">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 3.</font></p>
                        </td>

                        <td valign="top" nowrap width="288">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">AUDIT COMMITTEE FINANCIAL EXPERT</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.43in; TEXT-ALIGN: left"><font size="2">The Fund&rsquo;s Board of Directors has determined that Neal F. Zalenko qualifies as a financial expert; and that both Carl A. Holth and Benedict J. Smith also qualify as financial experts. Benedict J. Smith, Carl A. Holth, and Neal F. Zalenko are independent.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.43in; TEXT-ALIGN: left"><font size="2">Audit Fees. Plante &amp; Moran, PLLC was paid $21,000 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 style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.43in; TEXT-ALIGN: left"><font size="2">Audit-Related Fees. 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 style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.43in; TEXT-ALIGN: left"><font size="2">Tax Fees. 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, 2006 by the Fund for tax fees, for services in connection with the preparation of the Fund&rsquo;s tax returns and assistance with IRS notice and tax matters.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.43in; TEXT-ALIGN: left"><font size="2">All other Fees. Plante &amp; Moran, PLLC was paid $1,500 for a review of the Semiannual Report for the Fund in 2008. No other fees were paid to Plante &amp; Moran, PLLC for the last two years.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.46in; TEXT-ALIGN: left"><font size="2">&ldquo;Audit fees&rsquo; are fees paid by the Fund to Plante &amp; Moran, PLLC for professional services for the audit of the Fund&rsquo;s financial statements, or for services that are usually provided by an auditor in connection with statutory and regulatory filings and engagements. &ldquo;Audit-related fees&rdquo; are fees for assurance and related services that are reasonably
            related to the performance of the audit or review of financial statements. &ldquo;Tax fees&rdquo; are fees for tax compliance, tax advice, and tax planning. All other Fund fees are fees belled for any services not included in the first three categories.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.44in; TEXT-ALIGN: left"><font size="2">None of the services covered under the captions &ldquo;Audit-Related Fees&rdquo;, &ldquo;Tax Fees&rdquo;, and &ldquo;All Other Fees&rdquo; with respect to Plante &amp; Moran, PLLC were provided under the de minimis exception to Audit Committee approval of 17 CFR 210.2-01&copy; 7(i)&copy; and (ii) Plante &amp; Moran, PLLC was not engaged during the last two fiscal years to provide
            non-audit services to the Fund (other than those referenced above) or to the Fund&rsquo;s investment advisor, Sims Capital Management LLC, or any of its affiliates that provide services to the Fund (&ldquo;Other Non-Audit Services&rdquo;). Under the Audit Committee charter, the Audit Committee must approve in advance all non-audit services of the Fund and all Other Non-Audit Services. The Audit Committee has not adopted &ldquo;pre-approval policies and procedures&rdquo; as such term
            is used in 17 CFR 210.2-01(c)(7)(i)(B) and (ii).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="403" border="0">
                    <tr>
                        <td valign="top" nowrap width="77">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 5.</font></p>
                        </td>

                        <td valign="top" nowrap width="326">
                            <p><font size="2">AUDIT COMMITTEE OF LISTED REGISTRANTS</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.43in; TEXT-ALIGN: left"><font size="2">The Fund&rsquo;s Board of Directors has separately-designed standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the committee are Neal F. Zalenko, Carl A. Holth, and Benedict J. Smith.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="301" border="0">
                    <tr>
                        <td valign="top" nowrap width="77">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 6.</font></p>
                        </td>

                        <td valign="top" nowrap width="224">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">SCHEDULE OF INVESTMENTS</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.43in; TEXT-ALIGN: left"><font size="2">The Fund&rsquo;s schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISCLOSURE OF PROXY VOTING AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENT COMPANIES.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.43in; TEXT-ALIGN: left"><font size="2">Sims Capital Management LLC, a Wisconsin limited liability company (the &ldquo;Advisor&rdquo;), is the investment advisor for the Fund. The Fund and the Advisor, are parties to an Investment Advisory Agreement dated as of February 16, 2007 (the &ldquo;Advisory Agreement&rdquo;). The Fund is one of the Advisors two advisory clients.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.43in; TEXT-ALIGN: left"><font size="2">The Advisor&rsquo;s authority to vote the proxies of the Fund is established through the Investment Advisory Agreement. It has adopted the following policies and procedures:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>
            <br>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.43in; TEXT-ALIGN: left"><font size="2">The Advisor will vote proxies for its clients and, therefore, will adhere to the following requirements:<br>
            </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.84in; TEXT-ALIGN: left"><font size="2">A.General Statement of Policy. When the Advisor votes proxies, it generally follows the so-called &ldquo;Wall Street Rule&rdquo; (i.e., it votes as management recommends or sells the stock prior to the meeting). The Advisor believes that following the &ldquo;Wall Street Rule&rdquo; is consistent with the economic best interests of its clients. Consistent with its care of duty, the
            Advisor monitors proxy proposals just as it monitors other corporate events affecting the companies in which its clients invest. In the rare circumstances that the Advisor would vote against management&rsquo;s recommendations, a detailed explanation as to the reason for divergence with the such recommendation would be put into writing and maintained in the client file.<br>
            </font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.85in; TEXT-ALIGN: left"><font size="2">B. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts of Interest. There may be instances where the interests of the Advisor may conflict or appear to conflict with the interest of its clients. For example, the Advisor may manage a pension plan of a company whose management is soliciting proxies and there may be a concern that the Advisor would vote in favor
            of management because of its relationship with the Advisor. In such situations, the Advisor will, consistent with its duty of care and duty of loyalty, vote the securities in accordance with its pre-determined voting policy; the &ldquo;Wall Street Rule&rdquo;, but only are the disclosing the conflict to clients and affording the clients the opportunity to direct the Advisor in the voting of such securities.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="555" border="0">
                    <tr>
                        <td valign="top" nowrap width="80">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">C.</font></p>
                        </td>

                        <td valign="top" nowrap width="459">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Record Keeping. The Advisor will maintain records with respect to proxy voting:</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="396" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 5pt; PADDING-TOP: 5pt" valign="top" nowrap width="144">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 5pt; PADDING-TOP: 5pt" valign="top" nowrap width="252">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">1. A copy of this proxy voting policy;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 1in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">2. A copy of all proxy statements received (the Advisor may rely on the EDGAR system to satisfy this requirement);</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 1in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">3. A record of each vote cast on behalf of a client (the Advisor may rely on a third party to satisfy this requirement);</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 1in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">4. A copy of any document prepared by the Advisor that was material to making a voting decision or that memorializes the basis for that decision;</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 1in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left"><font size="2">5. A copy of each written client request for information on how the Advisor voted proxies on the client&rsquo;s behalf, and a copy of any written response to any (written or oral) client request for information on how the Advisor voted proxies on behalf of the requesting client.</font></p>

            <div align="center">
                <table cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td valign="top" width="69">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 8.</font></p>
                        </td>

                        <td valign="top" width="507">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="69">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="507">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><u><font size="2">Luke E. Sims</font></u> <font size="2">&nbsp;</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">President and Chief Executive Officer (since 2007) and Director of the Fund (since 2002). Luke Sims has been a partner in the law firm of Foley &amp; Lardner since 1984. Luke Sims is a 50% equity owner in the Advisor.</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><u><font size="2">David C. Sims</font></u> <font size="2">&nbsp;</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">Chief Financial Officer and Chief Compliance Officer of the Fund (since 2007). President and operating manager and 50% equity owner of the Advisor.</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">The Advisor is also the investment advisor of Peregrine Investment Fund LLC (&ldquo;Peregrine&rdquo;), a private investment fund, with approximately $1.4 million assets under management as of December 31, 2008. Peregrine has similar investment objectives to the Fund. The Advisor receives an investment advisory fee from Peregrine of one and one-half percent of its assets under management. To the extent
            investment opportunities arise in which both the Fund and Peregrine will invest and in which the amount to be</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">purchased is limited, the investment will be made pro rata based on the respective asset size of the Fund and Peregrine.</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">With respect to the Fund, Luke Sims is the principal decision maker with respect to the Fund&rsquo;s portfolio, and David Sims participates in the decision-making process. With respect to Peregrine, David Sims is the principal decision maker with respect to Peregrine&rsquo;s portfolio, and Luke Sims participates in the decision-making process.</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">Luke Sims receives no compensation as an officer of the Fund or from the Advisor. David Sims receives no compensation as an officer of the Fund and a fixed salary from the Advisor (not tied to the Fund&rsquo;s or Peregrine&rsquo;s performance) out of the respective investment advisory fees paid by the Fund and Peregrine.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Dollar range of equity securities of the Fund. beneficially owned as of December 31, 2008, by Luke Sims is in excess of $1 million and by David Sims is between $100,000-$500,000.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="center">
                <table cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td valign="top" width="69">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 9.</font></p>
                        </td>

                        <td valign="top" width="507">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">During the period covered by this report, no purchases were made by or on behalf of the registrant or any &ldquo;affiliated purchaser&rdquo; (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) of shares of registrant&rsquo;s equity securities that are registered by the registrant pursuant to Section 12 of the Exchange Act.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="center">
                <table cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td valign="top" width="69">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 10.</font></p>
                        </td>

                        <td valign="top" width="507">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">No changes to the procedures by which shareholders may recommend nominees to the registrant&rsquo;s board of directors have been implemented after registrant last provided disclosure in response to Item 407(c)(2) in registrant&rsquo;s 2009 proxy statement.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="center">
                <table cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td valign="top" width="69">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 11.</font></p>
                        </td>

                        <td valign="top" width="507">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">CONTROLS AND PROCEDURES.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As of February 1, 2009, an evaluation of the effectiveness of the registrant&rsquo;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) was performed under the supervision and with the participation of the registrant&rsquo;s President and Chief Executive Officer (the principal executive
            officer) and the Chief Financial Officer (the principal financial officer). Based on that evaluation, the registrant&rsquo;s President and Chief Executive Officer and Chief Financial Officer concluded that the registrant&rsquo;s controls and procedures are effectively designed to ensure that information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time periods required by the Commission&rsquo;s rules and forms, and that
            information required to be disclosed by the registrant has been accumulated and communicated to the registrant&rsquo;s management, including its principal executive officer and principal financial officer, or persons performing similar functions as appropriate, to allow timely decisions regarding required disclosure.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.4in; TEXT-ALIGN: left"><font size="2">(ii) There has been no change in the registrant&rsquo;s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial
            reporting.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="179" border="0">
                    <tr>
                        <td valign="top" nowrap width="79">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">ITEM 12.</font></p>
                        </td>

                        <td valign="top" nowrap width="100">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">EXHIBITS.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="213" border="0">
                    <tr>
                        <td valign="top" nowrap width="78">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(A)(1)</font></p>
                        </td>

                        <td valign="top" nowrap width="135">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Not Applicable.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">(A)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate certification of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Act.--- attached hereto as Exhibit 99.1.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certification pursuant to Rule 30a-2(b) and 18 U.S.C. Section 1350, --- attached as Exhibit 99.2.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2"><br>
            SIGNATURES</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">EAGLE CAPITAL GROWTH FUND, INC.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">By: /s/ Luke E. Sims</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Luke E. Sims</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">President and Chief Executive Officer</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Date: February 26, 2009</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">By: /s/ Luke E. Sims</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Luke E. Sims</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">President and Chief Executive Officer (principal executive officer)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">By: /s/ David C. Sims</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">David C. Sims</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Chief Financial Officer (principal financial officer)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Date: February 26, 2009</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
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MBKU_;?ZOU;39_J>[Z0%)HUF_X<V=W;;C3MVV-N^W-TG7=PVGX6[7+UFW[]V]
J>[]P!)X1N?5L-6?3-E]/C[KLKUZS<56["W\2]^SO&G9[2ST@.I``#__9
`
end
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>4
<FILENAME>d76325_ex99-cert.htm
<DESCRIPTION>CERTIFICATION OF CEO AND CFO
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <div style="WIDTH: 600px">
            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: center"><font size="2">CERTIFICATION</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">I, Luke E. Sims, certify that:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="480" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 5pt; PADDING-TOP: 5pt" valign="top" nowrap width="43">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">1.&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 5pt; PADDING-TOP: 5pt" valign="top" nowrap width="437">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">I have reviewed this report on Form N-CSR of NAIC Growth Fund, Inc.;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statement made, in light of the circumstances under which statements were made, not misleading with respect to the period covered by this report;</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for,
            the periods presented in this report;</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
            and have:</font></p>

            <div align="center">
                <table cellspacing="0" cellpadding="0" width="624" border="0">
                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">(a)</font></p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
                            which this report is being prepared;</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">(b)</font></p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
                            accepted accounting principles;</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">(c)</font></p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">(d)</font></p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting;
                            and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;s other certifying officer and I have disclosed to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</font></p>

            <div align="center">
                <table cellspacing="0" cellpadding="0" width="624" border="0">
                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">(a)</font></p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize, and report financial information; and</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">(b)</font></p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="center">
                <table cellspacing="0" cellpadding="0" width="624" border="0">
                    <tr>
                        <td valign="top" width="624">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="624">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">Date: February 26, 2009</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="624">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="624">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">/s/ Luke E. Sims<br>
                            &mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;<br>
                            <font size="2">Luke E. Sims<br>
                            <font size="2">President and Chief Executive Officer (principal executive officer)</font></font></font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="624">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="624">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
                <hr align="center" width="100%" noshade size="2">
            </div>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: center"><font size="2"><br>
            CERTIFICATION</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">I, David C. Sims, certify that:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="480" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 5pt; PADDING-TOP: 5pt" valign="top" nowrap width="43">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">1.&nbsp;&nbsp;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 5pt; PADDING-TOP: 5pt" valign="top" nowrap width="437">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">I have reviewed this report on Form N-CSR of NAIC Growth Fund, Inc.;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statement made, in light of the circumstances under which statements were made, not misleading with respect to the period covered by this report;</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for,
            the periods presented in this report;</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
            and have:</font></p>

            <div align="center">
                <table cellspacing="0" cellpadding="0" width="624" border="0">
                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">(a)</font></p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
                            which this report is being prepared;</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">(b)</font></p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
                            accepted accounting principles;</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">(c)</font></p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">(d)</font></p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting;
                            and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;s other certifying officer and I have disclosed to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</font></p>

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                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">(a)</font></p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize, and report financial information; and</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">(b)</font></p>
                        </td>

                        <td valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="center">
                <table cellspacing="0" cellpadding="0" width="624" border="0">
                    <tr>
                        <td valign="top" width="624">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" width="624">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">Date: February 26, 2009</font></p>
                        </td>
                    </tr>

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                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

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                        <td valign="top" width="624">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">/s/ David C. Sims<br>
                            &mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;&mdash;<br>
                            <font size="2">David C. Sims<br>
                            <font size="2">Chief Financial Officer (principal financial officer)</font></font></font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906
<SEQUENCE>5
<FILENAME>d76325_ex99-906cert.htm
<DESCRIPTION>SECTION 906 CERTIFICATION OF CEO AND CFO
<TEXT>
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            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">1350, AS ADOPTED PURSUANT TO SECTION 906 OF</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: center"><font size="2">THE SARBANES-OXLEY ACT OF 2002</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-INDENT: 0.34in; TEXT-ALIGN: left"><font size="2">In connection with the accompanying Form N-CSR of NAIC Growth Fund, Inc. (the &ldquo;Registrant&rdquo;) for the period ended December 31, 2008 (the &ldquo;Report&rdquo;), each of the undersigned hereby certifies, pursuant to Rule 30a-2(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of our respective knowledge and
            belief, that:</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-INDENT: 0.38in; TEXT-ALIGN: left"><font size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-INDENT: 0.38in; TEXT-ALIGN: left"><font size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</font></p>

            <p style="MARGIN-TOP: 5pt; MARGIN-BOTTOM: 5pt; TEXT-ALIGN: left"><font size="2">EAGLE CAPITAL GROWTH FUND, INC.</font></p>

            <div align="center">
                <table cellspacing="0" cellpadding="0" width="624" border="0">
                    <tr>
                        <td valign="bottom" width="372">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="252">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="372">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">By: /s/ Luke E. Sims<br>
                            &mdash;</font><font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;&mdash;&mdash;&mdash;<br>
                            <font size="2">Luke E. Sims<br>
                            <font size="2">President and Chief Executive Officer (principal executive officer)</font></font></font></font></font></font></font></font></font></font></font></p>
                        </td>

                        <td valign="top" width="252">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" colspan="2">
                            <font size="1"></font>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="1"><font size="2">Dated: February 26, 2009</font></font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="372">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="252">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="372">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2">By: /s/ David C. Sims<br>
                            &mdash;<font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;<font size="2">&mdash;&mdash;&mdash;&mdash;&mdash;<br>
                            <font size="2">David C. Sims<br>
                            <font size="2">Chief Financial Officer (principal financial officer)</font></font></font></font></font></font></font></font></font></font></font></font></p>
                        </td>

                        <td valign="top" width="252">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" colspan="2">
                            <font size="2"></font>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><font size="2"><font size="2">Dated: February 26, 2009</font></font></p>
                        </td>
                    </tr>

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                        <td valign="bottom" width="372">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="252">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

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