<SEC-DOCUMENT>0001140361-18-040770.txt : 20181017
<SEC-HEADER>0001140361-18-040770.hdr.sgml : 20181017
<ACCEPTANCE-DATETIME>20181017145453
ACCESSION NUMBER:		0001140361-18-040770
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180930
FILED AS OF DATE:		20181017
DATE AS OF CHANGE:		20181017
EFFECTIVENESS DATE:		20181017

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-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05807
		FILM NUMBER:		181126278

	BUSINESS ADDRESS:	
		STREET 1:		225 EAST MASON STREET
		STREET 2:		SUITE 802
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		414-765-1107

	MAIL ADDRESS:	
		STREET 1:		225 EAST MASON STREET
		STREET 2:		SUITE 802
		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-Q
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<FILENAME>formnq.htm
<DESCRIPTION>N-Q
<TEXT>
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      <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 14pt;">United States</div>
      <div style="text-align: center; font-size: 14pt;"><font style="font-family: &quot;Times New Roman&quot;;">Securities and Exchange Commission</font></div>
      <div style="text-align: center; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;;">Washington, D.C. 20549</font></div>
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      <div style="text-align: center; font-size: 18pt;"><font style="font-family: &quot;Times New Roman&quot;;">Form N-Q</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Quarterly Schedule of Portfolio Holdings of Registered</font></div>
            </td>
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            <td style="width: 80%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Management Investment Company</font></div>
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            <td style="width: 80%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Investment Company Act file number: 811-05807</font></div>
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              <div style="text-align: center; font-size: 24pt;"><font style="font-family: &quot;Times New Roman&quot;;">Eagle Capital Growth Fund, Inc.</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Exact name of registrant as specified in charter)</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">225 East Mason Street, Suite 802, Milwaukee, WI 53202-3657</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Address of principal executive offices) (zip code)</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Luke E. Sims, President</font></div>
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            <td style="width: 80%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Eagle Capital Growth Fund, Inc.</font></div>
            </td>
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            <td style="width: 80%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">225 East Mason Street</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Suite 802</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Milwaukee, WI 53202-3657</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(414) 765-1107</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Name and address of agent for service)</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Registrant's telephone number, including area code:</font></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(414) 765-1107</font></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Date of fiscal year end: December 31, 2018</font></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Date of reporting period: September 30, 2018</font></div>
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          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">ITEM 1. SCHEDULE OF INVESTMENTS</div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Eagle Capital Growth Fund, Inc.</font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Portfolio of Investments (as of September 30, 2018) (unaudited)</font></div>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Common Stock (99.7% of total investments)</font></div>
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                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">LEVEL ONE</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><u><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Industry</font></font></u></div>
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                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Shares</font></font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Cost</font></font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Market Value</font></font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">% Total Inv.</font></font></div>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Consumer</font></div>
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                <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: top;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: top;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: top;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: top;" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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                <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Colgate-Palmolive Co.</font></div>
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                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">69,300</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">4,090,062</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">4,639,635</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Kimberly-Clark Corp.</font></div>
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                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">7,000</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">704,472</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">795,480</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">PepsiCo, Inc.</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">14,700</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">624,617</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,643,460</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Procter &amp; Gamble Company</font></div>
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                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">20,500</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Automatic Data Processing, Inc.</font></div>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Paychex, Inc.</font></div>
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                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Abbott Laboratories Inc.</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <tr>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Johnson &amp; Johnson</font></div>
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                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">45,500</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <tr>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Stryker Corp.</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">%)</font></div>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Food</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Kraft Heinz Company</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">3,031,050</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Industrial</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Illinois Tool Works Inc.</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,270,080</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Waters Corp.*</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">6,000</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">302,341</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,168,080</font></font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div>
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                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">2,438,160</font></div>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Berkshire Hathaway Inc. B*</font></div>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Markel Corp.*</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Diamond Hill Investment Group</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Franklin Resources, Inc.</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">T. Rowe Price Group Inc.</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Starbucks Corp.</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">AutoZone Inc.*</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">eBay Inc.*</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">42,900</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,072,753</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,416,558</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">O'Reilly Automotive Inc.*</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">4,000</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">814,758</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,389,280</font></font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div>
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                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">3,969,388</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">(11.6</font></div>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">%)</font></div>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total common stock investments</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div>
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                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">34,244,246</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <tr>
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                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Money Market Funds (0.3% of total investments)</font></div>
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                <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">
                  <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">LEVEL ONE</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Morgan Stanley Inst. Liquidity Fund, Treasury, yield 1.90%</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">94,976</font></font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total investments</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div>
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                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">34,339,222</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">All other assets</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">48,340</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Accrued investment advisory fees</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">(20,624</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div>
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                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">All other liabilities</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(8,987</font></font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
                  <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total net assets</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">34,357,951</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">*Non-dividend paying security</font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font></div>
        </div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left;">
        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Footnote:</div>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following information is based upon federal income tax cost of portfolio investments, excluding money market investments, as of September 30, 2018:</font></div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" align="left" style="width: 50%; font-family: 'Times New Roman'; font-size: 10pt;" id="ze839a72da6ed451286426e405a16ef87">

            <tr>
              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Gross unrealized appreciation</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">12,556,632</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 38%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Gross unrealized depreciation</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">885,578</font></font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Net unrealized appreciation</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">11,671,054</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(255, 255, 255);">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 38%; background-color: rgb(204, 238, 255);">
                <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Federal income tax basis</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman';">22,573,192</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>

        </table>
        <div style="clear: both;"><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">ITEM 2. Controls and Procedures</font></div>
        <div><br>
        </div>
        <div style="text-align: left;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z9b1ffcf32f24451aa70f75e85a1075f4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 18pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman';">As of October 7, 2018, an evaluation of the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
                        Company Act of 1940) was performed by management with the participation of the registrant's President and Chief Executive Officer (who is the principal executive officer of the registrant) and the registrant&#8217;s Chief Financial
                        Officer (who is the principal financial officer of the registrant). Based on that evaluation, the registrant's President and Chief Executive Officer and Chief Financial Officer concluded that the registrant's disclosure controls and
                        procedures are effectively designed to ensure that information required to be disclosed by the registrant is recorded, processed, summarized and reported within the time periods specified by the Commission's rules and forms, and
                        that information required to be disclosed by the registrant has been accumulated and communicated to the registrant'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></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div><br>
        </div>
        <div style="text-align: left;">
          <div>
            <table cellspacing="0" cellpadding="0" id="z443504fc28bb419eb189d35187896afa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 18pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Fair Value Accounting&#8212;Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provides a framework for
                        establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div><br>
        </div>
        <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities that the
            Fund has the ability to access.</font></div>
        <div><br>
        </div>
        <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs
            include quoted prices for similar assets and liabilities in active markets, and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals.</font></div>
        <div><br>
        </div>
        <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market
            activity for the related asset. These level 3 fair value measurements are based primarily on management&#8217;s own estimates using pricing models, discounted cash flow methodologies, or similar techniques taking into account the characteristics of
            the asset.</font></div>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div></div>
      <div>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99_cert.htm
<DESCRIPTION>EXHIBIT 99 CERT
<TEXT>
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    <div>
      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit 99.1</div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">CERTIFICATIONS</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">I, Luke E. Sims, certify that:</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.&#160; I have reviewed this report on Form N-Q of Eagle Capital Growth Fund, Inc;</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.&#160; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
          statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.&#160; Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as
          of the end of the fiscal quarter for which the report is filed;</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.&#160; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
          Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</font></div>
      <div><br>
      </div>
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            <td style="width: 7.69%; vertical-align: top;">&#160;</td>
            <td style="width: 3.85%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font></div>
            </td>
            <td style="width: 88.46%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 know to us by others within those entities, particularly during the period in which this report is being prepared;</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z432feb5183c7434f9479cd6c53cd3a01" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;">

          <tr>
            <td style="width: 7.69%; vertical-align: top;">&#160;</td>
            <td style="width: 3.85%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font></div>
            </td>
            <td style="width: 88.46%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z7651038fe88a46e1a970631fa811b9c2" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;">

          <tr>
            <td style="width: 7.69%; vertical-align: top;">&#160;</td>
            <td style="width: 3.85%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font></div>
            </td>
            <td style="width: 88.46%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
                  effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zf891930a0dd84fec8e2ad17dfe518407" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;">

          <tr>
            <td style="width: 7.69%; vertical-align: top;">&#160;</td>
            <td style="width: 3.85%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font></div>
            </td>
            <td style="width: 88.46%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent
                  fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.&#160; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of
          directors (or persons performing the equivalent functions):</font></div>
      <div><br>
      </div>
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            <td style="width: 7.69%; vertical-align: top;">&#160;</td>
            <td style="width: 3.85%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font></div>
            </td>
            <td style="width: 88.46%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
                  likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</font></div>
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            <td style="width: 7.69%; vertical-align: top;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font></div>
            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control
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            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Date: October 15, 2018</font></div>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">/s/ Luke E. Sims</font></font></u></div>
            </td>
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          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Luke E. Sims</font></div>
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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">President and Chief Executive Officer</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Principal Executive Officer)</font></div>
            </td>
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            <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit 99.2</div>
            <div><br>
            </div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">I, David C. Sims, certify that:</font></div>
            <div><br>
            </div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.&#160; I have reviewed this report on Form N-Q of Eagle Capital Growth Fund, Inc;</font></div>
            <div><br>
            </div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.&#160; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
                statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>
            <div><br>
            </div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.&#160; Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the
                registrant as of the end of the fiscal quarter for which the report is filed;</font></div>
            <div><br>
            </div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.&#160; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
                in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</font></div>
            <div><br>
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                <tr>
                  <td style="width: 7.69%; vertical-align: top;">&#160;</td>
                  <td style="width: 3.85%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font></div>
                  </td>
                  <td style="width: 88.46%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 know to us by others within those entities, particularly during the period in which this report is being prepared;</font></div>
                  </td>
                </tr>

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            <div><br>
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            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;">

                <tr>
                  <td style="width: 7.69%; vertical-align: top;">&#160;</td>
                  <td style="width: 3.85%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font></div>
                  </td>
                  <td style="width: 88.46%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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></div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;">

                <tr>
                  <td style="width: 7.69%; vertical-align: top;">&#160;</td>
                  <td style="width: 3.85%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font></div>
                  </td>
                  <td style="width: 88.46%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
                        effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</font></div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;">

                <tr>
                  <td style="width: 7.69%; vertical-align: top;">&#160;</td>
                  <td style="width: 3.85%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font></div>
                  </td>
                  <td style="width: 88.46%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most
                        recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</font></div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.&#160; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board
                of directors (or persons performing the equivalent functions):</font></div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;">

                <tr>
                  <td style="width: 7.69%; vertical-align: top;">&#160;</td>
                  <td style="width: 3.85%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font></div>
                  </td>
                  <td style="width: 88.46%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
                        reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</font></div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;">

                <tr>
                  <td style="width: 7.69%; vertical-align: top;">&#160;</td>
                  <td style="width: 3.85%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font></div>
                  </td>
                  <td style="width: 88.46%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
                        control over financial reporting.</font></div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;">

                <tr>
                  <td style="width: 50%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Date: October 15, 2018</font></div>
                  </td>
                  <td style="width: 50%; vertical-align: top;">
                    <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">/s/&#160;&#160; David C. Sims</font></font></u></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top;">&#160;</td>
                  <td style="width: 50%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">David C. Sims</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top;">&#160;</td>
                  <td style="width: 50%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Chief Financial Officer</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 50%; vertical-align: top;">&#160;</td>
                  <td style="width: 50%; vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Principal Financial Officer)</font></div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div><br>
            </div>
            <div>
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