<SEC-DOCUMENT>0001140361-20-005146.txt : 20200309
<SEC-HEADER>0001140361-20-005146.hdr.sgml : 20200309
<ACCEPTANCE-DATETIME>20200309105318
ACCESSION NUMBER:		0001140361-20-005146
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200416
FILED AS OF DATE:		20200309
DATE AS OF CHANGE:		20200309
EFFECTIVENESS DATE:		20200309

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05807
		FILM NUMBER:		20696898

	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>DEF 14A
<SEQUENCE>1
<FILENAME>formdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
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    <div style="text-align: center; font-weight: bold;">SCHEDULE 14A INFORMATION STATEMENT</div>
    <div style="text-align: center; font-variant: small-caps; font-weight: bold;">Proxy Statement Pursuant to Section 14(a) of the Securities</div>
    <div><br>
    </div>
    <div style="text-align: center; font-variant: small-caps; font-weight: bold;">Exchange Act of 1934</div>
    <div><br>
    </div>
    <div>Filed by the Registrant &#9745;</div>
    <div><br>
    </div>
    <div>Filed by a Party other than the Registrant &#9744;</div>
    <div><br>
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    <div>Check the appropriate box:</div>
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              <td style="width: 36pt; vertical-align: top; align: right;">&#9744;</td>
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                <div>Preliminary Proxy Statement</div>
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              <td style="width: 36pt; vertical-align: top; align: right;">&#9744;</td>
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                <div>Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
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              <td style="width: 36pt; vertical-align: top; align: right;">&#9746;</td>
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                <div>Definitive Proxy Statement</div>
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              <td style="width: 36pt; vertical-align: top; align: right;">&#9744;</td>
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                <div>Definitive Additional Materials</div>
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              <td style="width: 36pt; vertical-align: top; align: right;">&#9744;</td>
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                <div>Soliciting Material Pursuant to &#167; 240.14a-11(c) or &#167; 240.14a-12</div>
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    <div><br>
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    <div style="text-align: center; font-size: 24pt; font-weight: bold;">Eagle Capital Growth Fund, Inc.</div>
    <div style="text-align: center;">(Name of Registrant as Specified in its Charter)</div>
    <div>
      <div>Payment of Filing Fee (Check the appropriate box):</div>
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                <div style="text-align: left;">No fee required</div>
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                <div style="text-align: left;">Fee computed on table below per Exchange</div>
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            <div style="text-align: center;">(1)</div>
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            <div>Title of each class of securities to which transaction applies:</div>
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          <td style="width: 13%; vertical-align: middle;">&#160;</td>
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            <div style="text-align: center;">(2)</div>
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            <div>Aggregate number of securities to which transaction applies:</div>
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          <td style="width: 13%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: center;">(3)</div>
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          <td style="width: 84%; vertical-align: top;">
            <div>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):</div>
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          <td style="width: 13%; vertical-align: middle;">&#160;</td>
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            <div>Proposed maximum aggregate value of transaction</div>
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          <td style="width: 13%; vertical-align: middle;">&#160;</td>
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            <div style="text-align: center;">(5)</div>
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            <div>Total fee paid</div>
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                <div style="text-align: left;">Fee paid previously with preliminary materials.</div>
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              <td style="vertical-align: top; width: 36pt;">&#9744;</td>
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                <div style="text-align: left;">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration
                  statement number, or the Form or Schedule and the date of its filing.</div>
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            <div>Amount Previously Paid:</div>
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          <td style="width: 13%; vertical-align: middle;">&#160;</td>
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            <div>Form, Schedule or Registration Statement No.</div>
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            <div style="text-align: center;">(3)</div>
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            <div>Filing Party</div>
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          <td style="width: 13%; vertical-align: middle;">&#160;</td>
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            <div style="text-align: center;">(4)</div>
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            <div>Date Filed:</div>
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    <div style="text-align: center;">EAGLE CAPITAL GROWTH FUND, INC.</div>
    <div style="text-align: center;">225 East Mason Street, Suite 802</div>
    <div style="text-align: center;">Milwaukee, WI 53202-3657</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">NOTICE OF 2020 ANNUAL MEETING OF SHAREHOLDERS</div>
    <div>&#160;</div>
    <div>To the Shareholders of Eagle Capital Growth Fund, Inc.:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Notice is hereby given that the 2020 Annual Meeting of Shareholders (&#8220;Meeting&#8221;) of the Eagle Capital Growth Fund, Inc. (&#8220;Fund&#8221;) will be held at the Milwaukee Bar Association, Board Conference Room,
      747 North Broadway Street, Milwaukee, Wisconsin 53202, on Thursday, April 16, 2020, at 9:00 A.M. local time for the following purposes:</div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
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              <td style="width: 36pt; vertical-align: top; align: right;">1.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>To elect two (2) directors, each for a 3-year term.</div>
              </td>
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    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
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              <td style="width: 36pt; vertical-align: top; align: right;">2.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>To ratify the selection of Plante &amp; Moran, PLLC as independent registered public accountants of the Fund for the calendar year ending December 31, 2020; and</div>
              </td>
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    <div>&#160;</div>
    <div style="text-align: justify;">
      <div>
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              <td style="width: 36pt; vertical-align: top; align: right;">3.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>To act upon such other business as may properly come before the Meeting or any adjournment thereof.</div>
              </td>
            </tr>

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    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Board of Directors (&#8220;Board&#8221;) has fixed the close of business on February 21, 2020, as the record date (&#8220;Record Date&#8221;) for the determination of shareholders entitled to vote at the Meeting or any
      adjournment thereof.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">You are cordially invited to attend the Meeting.&#160; If you do not expect to attend the Meeting in person, please complete, date and sign the enclosed proxy form and return it promptly in the envelope
      provided.&#160; The enclosed proxy is being solicited on behalf of the Board of the Fund.</div>
    <div>&#160;</div>
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          <td style="width: 50%; vertical-align: top;">
            <div>By Order of the Board of Directors</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>David C. Sims, Secretary</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>March 8, 2020</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

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    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; font-weight: bold;">Please complete, sign and date the enclosed proxy and mail it as promptly as possible.&#160; If you attend the meeting and vote in person, the proxy will not be used.</div>
    <div>&#160;</div>
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    <div style="text-align: center;">EAGLE CAPITAL GROWTH FUND, INC.</div>
    <div style="text-align: center;">225 East Mason Street, Suite 802, Milwaukee, WI&#160; 53202-3657</div>
    <div><br>
    </div>
    <div style="text-align: center;">Proxy Statement</div>
    <div><br>
    </div>
    <div style="text-align: center;">Annual Meeting of Shareholders</div>
    <div style="text-align: center;">April 16, 2020</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">INTRODUCTION</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">This Proxy Statement is furnished in connection with the solicitation of proxies on behalf of the Board of Directors (&#8220;Board&#8221;) of Eagle Capital Growth Fund, Inc., a Maryland corporation (&#8220;Fund&#8221;), to
      be voted at the 2020 Annual Meeting of Shareholders (&#8220;Meeting&#8221;), to be held at the Milwaukee Bar Association, Board Conference Room, 747 North Broadway Street, Milwaukee, Wisconsin 53202, at 9:00 A.M. local time on Thursday, April 16, 2020.&#160; The
      approximate mailing date of this Proxy Statement is March 8, 2020.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">All properly executed proxies received prior to the Meeting will be voted at the Meeting in accordance with the instructions marked thereon or otherwise as provided therein.&#160; Unless instructions to
      the contrary are marked, proxies will be voted &#8220;FOR&#8221; the election of two directors to 3-year terms as described in this Proxy Statement (Proposal 1) and &#8220;FOR&#8221; the ratification of the independent registered public accountants (Proposal 2).&#160;&#160; Any
      shareholder giving a proxy has the power to revoke it at any time before it is exercised by filing a later dated proxy with us, by attending the meeting and voting in person, or by notifying us of the revocation in writing to our Secretary at the
      Fund, 225 East Mason Street, Suite 802, Milwaukee, Wisconsin 53202-3657.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Fund&#8217;s Board has fixed the close of business on February 21, 2020, as the Record Date for the determination of shareholders entitled to notice of and to vote at the Meeting, and at any
      adjournment thereof.&#160; Shareholders on the Record Date will be entitled to one vote for each share held, with no shares having cumulative voting rights.&#160; As of the Record Date, the Fund had outstanding 4,074,321 shares of common stock, par value
      $0.001 per share (&#8220;Common Stock&#8221;).&#160; One-third of the outstanding shares of Common Stock, present or represented by proxy, constitutes a quorum.&#160; For purposes of a quorum, abstentions and broker non-votes are included.&#160; A quorum must exist to conduct
      business at the Meeting.&#160; A &#8220;broker non-vote&#8221; occurs when you own shares through a bank or broker in &#8220;street&#8221; name and you fail to provide your bank or broker with voting instructions and the bank or broker does not have the discretionary authority
      to vote your shares on a particular proposal.&#160; A broker non-vote may also occur if your broker fails to vote your shares for any reason.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Brokers, banks and other nominees are not permitted to vote on the election of directors without specific instructions from the beneficial owner.&#160; Therefore, if your shares are held through a broker,
      bank or other nominee, they will not be voted in the election of directors unless you affirmatively vote your shares in one of the ways described below.&#160; If you are a beneficial owner, your broker, bank or other nominee is permitted to vote your
      shares on the ratification of Plante &amp; Moran, PLLC as the Fund&#8217;s independent registered public accountants even if the broker, bank or other nominee does not receive specific voting instructions from you. Under the NYSE&#8217;s Proxy Rules, NYSE member
      organizations may vote discretionarily on all matters to be acted upon at this Meeting.&#160; This is based upon the assumption that no contest will arise as to any of the matters being considered and beneficial owners are advised as to this discretionary
      action.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Fund will pay all the expenses of preparing, assembling, printing and mailing the material used in the solicitation of proxies by the Board.&#160; In addition to the solicitation of proxies by use of
      the mails, our officers may solicit proxies on behalf of the Board, by telephone, telegram or personal interview, and the Fund will bear these expenses.&#160; The Fund may arrange with brokerage houses and other custodians, nominees and fiduciaries to
      forward soliciting materials to the beneficial owners of Fund shares, and the Fund will pay or reimburse these expenses.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Board knows of no business, other than as identified in Proposals 1 and 2 of the Notice of Meeting, which will be presented for consideration at the Meeting.&#160; If any other matter is properly
      presented, the persons named in the enclosed proxy intend to vote in their discretion.</div>
    <div>&#160;</div>
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    <div style="text-align: center; text-indent: 36pt; font-weight: bold;">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to be Held on Thursday, April 16, 2020, at 9:00 A.M. local time at Milwaukee
      Bar Association, Board Conference Room, 747 North Broadway Street, Milwaukee, Wisconsin 53202.&#160; Our Notice of Annual Meeting, Proxy Statement, form of proxy card and annual report are available at <u>http://www.eaglecapitalgrowthfund.com/proxy</u></div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">To the knowledge of the Fund, as of the Record Date, set forth below are the number of shares of the Common Stock, beneficially owned by each officer, director and nominee, and by all directors,
      nominees and officers of the Fund as a group.&#160; The address of each is the address of the Fund.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="z86f416809e1745e6882d24da306e5d9f" style="border-collapse: collapse; width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 50%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;">
            <div style="font-weight: bold;">Name and Address (a)</div>
          </td>
          <td style="width: 28%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;">
            <div style="font-weight: bold;">Number of Shares and Nature</div>
            <div style="font-weight: bold;">of Beneficial Ownership as of</div>
            <div style="font-weight: bold;">February 21, 2020 (b)</div>
          </td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;">
            <div style="font-weight: bold;">Percent</div>
            <div style="font-weight: bold;">of Class</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Robert M. Bilkie, Jr., Chairman, and Nominee for Director</div>
          </td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1,764</div>
          </td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Phillip J. Hanrahan, Nominee for Director</div>
          </td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">900</div>
          </td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Carl A. Holth, Director, and Director</div>
          </td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">6,575</div>
          </td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">0.2%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Peggy L. Schmeltz, Director, and Director</div>
          </td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">54,702</div>
          </td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.3%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>David C. Sims, CFO, CCO, Treasurer, Secretary and Director</div>
          </td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">128,262</div>
          </td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">3.1%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Luke E. Sims, President, CEO, and Director</div>
          </td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">336,780</div>
          </td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">8.3%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Donald G. Tyler, Director</div>
          </td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">5,656</div>
          </td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">0.1%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Neal F. Zalenko, Director</div>
          </td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">5,465</div>
          </td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">0.1%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 28%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>All Directors, Nominees and Officers</div>
          </td>
          <td style="width: 28%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">540,104</div>
          </td>
          <td style="width: 12%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">13.3%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>as a group (8 persons)</div>
          </td>
          <td style="width: 28%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>* Less than 0.1%</div>
    <div>&#160;</div>
    <div style="text-align: justify;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The address of each is the address of the principal executive office of the Fund, 225 East Mason Street, Suite 802, Milwaukee, Wisconsin 53202-3657.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The nature of beneficial ownership of shares shown in this column is sole voting and investment power unless otherwise indicated.&#160; The shares shown by Mr. Bilkie include 1,764 shares owned by his wife.&#160;
      The shares shown for Luke E. Sims include 11,389 shares beneficially owned by his wife (of which he disclaims beneficial ownership).&#160; The shares shown for David C. Sims include 7,608 shares beneficially owned by his wife (of which he disclaims
      beneficial ownership).&#160; Luke E. Sims and David C. Sims are the principals of Sims Capital Management LLC, an SEC-registered investment advisor; both disclaim any beneficial ownership of the 332,937 Fund shares held as of the Record Date, in client
      accounts in a fiduciary capacity.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter"></div>
      <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 id="DSPFPageHeader"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">&#160;SECURITY OWNERSHIP OF FIVE PERCENT OR GREATER BENEFICIAL OWNERS</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">To the knowledge of the Fund, as of the Record Date, the only person owning more than five percent (5%) of the class of Common Stock was Luke E. Sims, a director and the President and Chief Executive
      Officer of the Fund.&#160; Mr. Luke E. Sims&#8217; beneficial ownership is described in the table immediately above.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">PROPOSAL NO. 1 &#8211; ELECTION OF DIRECTORS</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Two (2) Class I directors will be elected at the Meeting for 3-year terms, and until their successors are elected and qualified.&#160; The Board is divided into three classes (Class I, Class II, and Class
      III).&#160;&#160; The Class I directors, Mr. Robert M. Bilkie, Jr., and Mr. Phillip J. Hanrahan, are up for reelection at the Meeting.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Unless authorization to do so is withheld, proxies will be voted for the election of the nominees named below.&#160; Each nominee has consented to being named in this Proxy Statement and to continue to
      serve as a director if elected.&#160; Directors will be elected by a plurality of votes cast at the Meeting.&#160; Thus, assuming the presence of a quorum, those nominees for election as director receiving the highest number of votes will be elected,
      regardless of the number of votes which for any reason, including abstentions, broker non-votes or withholding of authority to vote, are not cast for the election of such nominee.&#160; If any nominee becomes unavailable for election, an event not now
      anticipated by the Board, the proxies may be voted for such other nominee as may be designated by the Board.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Listed below are all nominees and their backgrounds. An &#8220;interested person&#8221; of the Fund (&#8220;Interested Person&#8221;) is a person who is an Interested Person of the Fund within the meaning of Section 2(a)
      (19) of the Investment Company Act of 1940.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter"></div>
      <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 id="DSPFPageHeader"></div>
    </div>
    <div>INFORMATION WITH RESPECT TO CONTINUING DIRECTORS</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Set forth below is information with respect to those Fund directors who are continuing in office:</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Continuing Directors Who Are Interested Persons</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="2" border="0" id="z7654333547ba41a3862d9d3fea8765e7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Name, Address</div>
            <div style="text-align: center; font-weight: bold;">and Age*</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Position(s)</div>
            <div style="text-align: center; font-weight: bold;">Held with Fund</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Term of Office</div>
            <div style="text-align: center; font-weight: bold;">and Length of</div>
            <div style="text-align: center; font-weight: bold;">Time Served</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Principal Occupation(s) During Past</div>
            <div style="text-align: center; font-weight: bold;">5 Years (in addition to positions held</div>
            <div style="text-align: center; font-weight: bold;">in the Fund)</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 15%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Number of Portfolios</div>
            <div style="text-align: center; font-weight: bold;">in Fund Complex</div>
            <div style="text-align: center; font-weight: bold;">Overseen by Director</div>
            <div style="text-align: center; font-weight: bold;">or Nominee for</div>
            <div style="text-align: center; font-weight: bold;">Director</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 14%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Other</div>
            <div style="text-align: center; font-weight: bold;">Directorships</div>
            <div style="text-align: center; font-weight: bold;">Held by</div>
            <div style="text-align: center; font-weight: bold;">Director or</div>
            <div style="text-align: center; font-weight: bold;">Nominee for</div>
            <div style="text-align: center; font-weight: bold;">Director</div>
            <div style="text-align: center; font-weight: bold;">(Public</div>
            <div style="text-align: center; font-weight: bold;">Companies)</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 12%; vertical-align: top; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 27%; vertical-align: top; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 15%; vertical-align: top; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>David C.&#160; Sims, age 38</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>CFO, CCO, Treasurer, Secretary and Director</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Term of office expires 2021 (Class II).&#160; Served as a director since 2015.</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 27%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>President of Sims Capital Management LLC (investment advisor to the Fund); Manager of Peregrine Investment Fund LLC (private investment fund); and roles with the Fund as previously identified.</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>One</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 14%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">None</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td rowspan="1" style="width: 13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td rowspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td rowspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td rowspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 27%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td rowspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td rowspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Luke E. Sims, age 70</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Director</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Term of office expires 2022 (Class III). Served as a director since 2002.</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 27%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>President and Chief Executive Officer of the Fund; Chairman of Sims Capital Management LLC (the Advisor to the Fund); and Retired Partner of Foley &amp; Lardner LLP (national law firm) where he was affiliated from 1976 through 2010.</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>One</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">None</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 27%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">*The address each is of the principal executive office of the Fund.&#160; &#160;&#160; Luke E. Sims is an Interested Person because he is a Director, President, and Chief Executive Officer of the Fund, and a significant owner of the
      Fund&#8217;s Common Stock, and he is affiliated with the Fund&#8217;s investment advisor, Sims Capital Management LLC.&#160; David C. Sims is the son of Luke E. Sims.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter"></div>
      <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 id="DSPFPageHeader"></div>
    </div>
    <div style="font-weight: bold;">Continuing Directors Who Are Not Interested Persons</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="2" border="0" id="z06d088b000714d58b4c543c62eb47cae" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Name, Address</div>
            <div style="text-align: center; font-weight: bold;">and Age*</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Position(s)</div>
            <div style="text-align: center; font-weight: bold;">Held with Fund</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Term of Office</div>
            <div style="text-align: center; font-weight: bold;">and Length of</div>
            <div style="text-align: center; font-weight: bold;">Time Served</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Principal Occupation(s) During Past</div>
            <div style="text-align: center; font-weight: bold;">5 Years (in addition to positions held</div>
            <div style="text-align: center; font-weight: bold;">in the Fund)</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 15%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Number of Portfolios</div>
            <div style="text-align: center; font-weight: bold;">in Fund Complex</div>
            <div style="text-align: center; font-weight: bold;">Overseen by Director</div>
            <div style="text-align: center; font-weight: bold;">or Nominee for</div>
            <div style="text-align: center; font-weight: bold;">Director</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 14%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Other</div>
            <div style="text-align: center; font-weight: bold;">Directorships</div>
            <div style="text-align: center; font-weight: bold;">Held by</div>
            <div style="text-align: center; font-weight: bold;">Director or</div>
            <div style="text-align: center; font-weight: bold;">Nominee for</div>
            <div style="text-align: center; font-weight: bold;">Director</div>
            <div style="text-align: center; font-weight: bold;">(Public</div>
            <div style="text-align: center; font-weight: bold;">Companies)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 27%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 14%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Carl A. Holth, age 87</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Director</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Term of office expires 2021 (Class II).&#160; Served as a director since 1989.</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 27%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Retired.</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>One</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">None</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Peggy L. Schmeltz, age 92</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Director</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Term of office expires 2021 (Class II).&#160; Served as a director since 1989.</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 27%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Retired; Former Trustee of National Association of Investors Corporation (NAIC).</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>One</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">None</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Donald G. Tyler, age 67</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;&#160;Director</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Term of office expires 2022 (Class III). Served as a director since 2010.</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 27%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Director of Administrative Services, Milwaukee County, Wisconsin 2012 to 2014; Retired Interim President &amp; Executive Director, Milwaukee Symphony Orchestra, 2010; Vice President of Investment Products and Services, Northwestern Mutual,
              2003-2010.</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>One</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">None</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Neal F. Zalenko, age 74</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Director</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Term of office expires 2022 (Class III).&#160;&#160; Served as director since 2008.</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 27%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Retired; Founder and Managing Partner of Zalenko &amp; Associates, P.C. (accounting firm), that merged with Baker Tilly in 2005.</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>One</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">None</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 27%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">* The address of each is the address of the principal executive office of the Fund, 225 East Mason Street, Suite 802, Milwaukee, Wisconsin&#160; 53202-3657.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter"></div>
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      <div id="DSPFPageHeader"></div>
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    <div style="font-weight: bold;"><u>Nominees For Director</u></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="2" border="0" id="z7fb4e2ee856640bc83e9837b4290daaa" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Name, Address</div>
            <div style="text-align: center; font-weight: bold;">and Age*</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Position(s)</div>
            <div style="text-align: center; font-weight: bold;">Held with Fund</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Term of Office</div>
            <div style="text-align: center; font-weight: bold;">and Length of</div>
            <div style="text-align: center; font-weight: bold;">Time Served</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Principal Occupation(s) During Past</div>
            <div style="text-align: center; font-weight: bold;">5 Years (in addition to positions held</div>
            <div style="text-align: center; font-weight: bold;">in the Fund)</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 15%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Number of Portfolios</div>
            <div style="text-align: center; font-weight: bold;">in Fund Complex</div>
            <div style="text-align: center; font-weight: bold;">Overseen by Director</div>
            <div style="text-align: center; font-weight: bold;">or Nominee for</div>
            <div style="text-align: center; font-weight: bold;">Director</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 14%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Other</div>
            <div style="text-align: center; font-weight: bold;">Directorships</div>
            <div style="text-align: center; font-weight: bold;">Held by</div>
            <div style="text-align: center; font-weight: bold;">Director or</div>
            <div style="text-align: center; font-weight: bold;">Nominee for</div>
            <div style="text-align: center; font-weight: bold;">Director</div>
            <div style="text-align: center; font-weight: bold;">(Public</div>
            <div style="text-align: center; font-weight: bold;">Companies)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 27%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Robert M. Bilkie, Jr., age 59</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;Chairman; Director</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Term of office expires 2020 (Class I); nominee for director. Served as a director since 2006.</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 27%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>President and Chief Executive Officer of Sigma Investment Counselors, Inc. (a registered investment advisor) since 1987; member of the NAIC/Better Investing Securities Review Committee and of the NAIC/Better Investing Editorial Advisory
              Committee (non-remunerative).</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>One</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">None</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Phillip J. Hanrahan, age 80</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Director</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Term of office expires 2020 (Class I); nominee for director.&#160; Served as a director since 2008.</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 27%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Retired partner of Foley &amp; Lardner LLP (law firm) since February 2007 and, prior to that, active partner of that firm since 1973.</div>
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>One</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">None</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 13%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 27%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
          <td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">* The address of each is the address of the principal executive office of the Fund, 225 East Mason Street, Suite 802, Milwaukee, Wisconsin&#160; 53202-3657.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div id="DSPFPageBreak" style="page-break-after:always;">
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      <div id="DSPFPageHeader"></div>
    </div>
    <div style="text-indent: 36pt;"><u>Nominee and Director Qualifications</u></div>
    <div>&#160;</div>
    <div>The Fund believes that Warren Buffett and Charles Munger of Berkshire Hathaway, Inc. have succinctly identified the key qualifications for corporate directors and nominees for director:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z997aa2075dee485688862a562aee9227" class="DSPFListTable">

          <tr style="vertical-align: top;">
            <td style="width: 72pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: left;">1.</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left;">High integrity;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z764fadef9df54512b706d8ea370a657b" class="DSPFListTable">

          <tr style="vertical-align: top;">
            <td style="width: 72pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: left;">2.</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left;">Business savvy;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z82db7f1ace47423688495d1d191798b3" class="DSPFListTable">

          <tr style="vertical-align: top;">
            <td style="width: 72pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: left;">3.</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left;">A shareholder orientation; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr style="vertical-align: top;">
            <td style="width: 72pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: left;">4.</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: left;">A genuine interest in the company.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">We believe that all of our nominees and continuing directors satisfy these requirements.&#160; In addition, the Board concluded that the experience, qualifications, attributes, and skills of the nominees, set forth below,
      qualify the nominees to serve as directors of the Fund in light of the Fund&#8217;s business and structure.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">The Fund does not have a diversity policy for its Board members, based upon gender, race or similar physical characteristics because those characteristics are not necessarily relevant to the traits that the Fund looks
      for in its directors.&#160; The Fund considers a person&#8217;s experience, qualifications, skills, and attributes generally, including, but not limited to, a person&#8217;s professional, academic, and business background.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">As noted elsewhere in this Proxy Statement, the non-executive position of Chairman and the position of Chief Executive Officer (CEO) are held by different individuals.&#160; The Chairman of the Board is not an Interested
      Person.&#160; The Fund believes that the separation of the Chairman and Chief Executive Officer roles provides constructive checks and balances for shareholders of the Fund.</div>
    <div><br>
    </div>
    <div style="font-style: italic;">Nominees:</div>
    <div>&#160;</div>
    <div><font style="font-weight: bold;">Class I</font>&#160;<font style="font-weight: bold;">(term expiring in 2020)</font></div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Mr. Bilkie is an investment advisor.&#160; His full-time business is focused on investing.&#160; In addition to Mr. Bilkie&#8217;s analytical and other investing skills, he enjoys a long history with the Fund, having served as a
      director from the time the Fund commenced operations in 1990 through the mid-90s.&#160;&#160; Mr. Bilkie rejoined the Board in 2006.&#160;&#160; Mr. Bilkie has longstanding ties to the National Association of Investors Corporation (NAIC), whose mission is investor
      education and the formation and growth of investment clubs.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Mr. Hanrahan is a Harvard Law School graduate who spent over 40 years as a corporate lawyer, including a specialization in representing investment advisors and investment companies.&#160;&#160; Mr. Hanrahan has extensive
      experience with publicly-traded companies as well, and served for many years as a director of a major NYSE-traded company.&#160;&#160; Mr. Hanrahan is also an experienced investor.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="font-style: italic;">Continuing Directors:</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Class II (term expiring in 2021)</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Mr. Holth worked in the banking/financial field and retired after a long and varied career.&#160; In addition to his service as a director of the Fund, Mr. Holth has also served as a director of other for-profit companies.&#160;&#160;
      Mr. Holth is also an experienced investor.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Ms. Schmeltz&#8217;s background is in education, and her long-term service and involvement with the National Association of Investors Corporation (NAIC), and its investing and educational mission, fits in well with the Fund&#8217;s
      history and goals.&#160;&#160; Given that a significant number of the Fund&#8217;s shareholders enjoy historic ties to the NAIC and its investment philosophy, Ms. Schmeltz is well-positioned to comment and advise the Fund, particularly with respect to the
      shareholder&#8217;s perspective on the Fund.&#160;&#160; As the former president and Chairman of NAIC, Ms. Schmeltz has been the featured speaker at many investment club chapters.&#160;&#160; Ms. Schmeltz is an experienced long-term investor, with a personal investment
      strategy and philosophy similar to the Fund.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Mr. David Sims, CFA, is the Fund&#8217;s co-manager, and Chief Financial Officer (CFO), Chief Compliance Officer (CCO), Treasurer and Secretary of the Fund.&#160; He has been extensively involved with the Fund, its portfolio and
      its operations since 2007.&#160; Mr. Sims is the President of Sims Capital Management LLC, an SEC-registered investment advisor that is the Advisor to the Fund.&#160;&#160; Mr. Sims is an experienced investor.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Class III (term expiring in 2022)</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Mr. Luke E. Sims is an experienced investor (40 plus years) and an experienced corporate lawyer (34 years), including extensive work with publicly-traded companies, securities law matters, mergers and acquisitions and
      corporate law generally.&#160;&#160; Mr. Sims also spent 25 years as a director of LaCrosse Footwear, Inc., a publicly-traded company.&#160; Mr. has also been a director of several privately-held companies.&#160; Mr. Sims is the Chairman of Sims Capital Management LLC,
      the Advisor to the Fund.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Mr. Tyler has over 27 years&#8217; experience in the mutual fund industry in a variety of roles, particularly in the marketing and distribution of mutual funds.&#160; Mr. Tyler retired from his position as Director of
      Administrative Services of Milwaukee County, Wisconsin at the end of 2014; in such role Mr. Tyler oversaw a budget in excess of $1.3 billion.&#160; Mr. Tyler retired in 2010 from his position as Vice President of Investment Products and Services at
      Northwestern Mutual (Milwaukee, Wisconsin).&#160;&#160; Mr. Tyler&#8217;s extensive experience and knowledge of the mutual fund industry is valuable to the Fund.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Mr. Zalenko is a certified public accountant.&#160; He spent many years practicing public accounting, growing his own firm until 2005 when it merged with Virchow Krause &amp; Company (now known as Baker Tilly).&#160; Although Mr.
      Zalenko is no longer associated with that surviving accounting firm, he continues to remain active as a business advisor and consultant.&#160; Mr. Zalenko has many decades of experience providing professional, practical and critical advice to clients.&#160;
      Mr. Zalenko&#8217;s background as a certified public accountant is one of the reasons he was selected to serve as Chairman of the Fund&#8217;s Audit Committee.</div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
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      <div id="DSPFPageHeader"></div>
    </div>
    <div>
      <div style="font-weight: bold;">Dollar Range of Common Stock Owned by Nominees and Continuing Directors</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The following tables set forth the dollar range of the Fund&#8217;s Common Stock which is the Fund&#8217;s only equity security, beneficially owned by each director and nominee, valued at a price per share of
        $8.02, the closing price on the NYSE American Exchange on the Record Date.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;"><u>Continuing Directors Who Are Interested Persons</u></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4ef26eacad8a457999d7e95b99847a6e">

          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 31.26%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Name of Continuing Director or</div>
              <div style="text-align: center; font-weight: bold;">Nominee</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 32%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Dollar Range of Equity Securities in the</div>
              <div style="text-align: center; font-weight: bold;">Fund</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 34.37%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Aggregate Dollar Range of Equity</div>
              <div style="text-align: center; font-weight: bold;">Securities in All Funds Overseen or to</div>
              <div style="text-align: center; font-weight: bold;">be Overseen by Director or Nominee in</div>
              <div style="text-align: center; font-weight: bold;">Family of Investment Companies</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 31.26%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>David C. Sims (Continuing Director)</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 32%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>Over $100,000</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 34.37%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>Over $100,000</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 31.26%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>Luke E. Sims (Continuing Director)</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 32%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>Over $100,000</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 34.37%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>Over $100,000</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="font-weight: bold;"><u>Continuing Directors and Nominees Who Are Not Interested Persons</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1e946df09cae4570bf70fd04625fb39b">

          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 31.26%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Name of Continuing Director or</div>
              <div style="text-align: center; font-weight: bold;">Nominee</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Dollar Range of Equity Securities in the</div>
              <div style="text-align: center; font-weight: bold;">Fund</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 35%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Aggregate Dollar Range of Equity</div>
              <div style="text-align: center; font-weight: bold;">Securities in All Funds Overseen or to be</div>
              <div style="text-align: center; font-weight: bold;">Overseen by Director or Nominee in</div>
              <div style="text-align: center; font-weight: bold;">Family of Investment Companies</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 31.26%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>Robert M. Bilkie, Jr. (Nominee)</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$10,001-$50,000</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 35%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$10,001-$50,000</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 31.26%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>Phillip J. Hanrahan&#160; (Nominee)</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>$1-$10,000</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 35%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>$1-$10,000</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 31.26%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>Carl A. Holth (Continuing Director)</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$50,000-$100,000</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 35%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$50,000-$100,000</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 31.26%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>Peggy L. Schmeltz (Continuing Director)</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>Over $100,000</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 35%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>Over $100,000</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 31.26%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>Donald G. Tyler (Continuing Director)</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$10,001-$50,000</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 35%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$10,001-$50,000</div>
            </td>
          </tr>
          <tr>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 31.26%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>Neal F. Zalenko (Continuing Director)</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>$10,001-$50,000</div>
            </td>
            <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 35%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>$10,001-$50,000</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Compensation</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">No Fund officer receives compensation from the Fund for service as an officer.&#160;&#160; David C. Sims, the Fund&#8217;s Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary, is compensated
        for his services to the Fund by Sims Capital Management LLC (the &#8220;Advisor&#8221;), the Fund&#8217;s investment advisor.&#160; Luke E. Sims, the Fund&#8217;s President and Chief Executive Officer, receives no compensation from the Fund for his service as an officer.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The following tables identify the aggregate compensation paid to all directors and nominees in 2019.&#160; Director fees are only payable to directors who are not officers of the Fund or affiliated with
        the Advisor.&#160; For 2019, Fund directors who are entitled to receive directors&#8217; fees received an annual retainer of $11,000, paid quarterly, together with $1,000, paid quarterly, for service on the Audit Committee.&#160; The Audit Committee Chairman
        received an additional $500 annual retainer, paid quarterly.&#160; The fees will be unchanged for 2020.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;"><u>Continuing Directors and Nominees Who Are Interested Persons</u></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" id="z71443ee3f78242518492be4ec7e71f69" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 25%;">
              <div style="font-weight: bold;">Name of Person,</div>
              <div style="font-weight: bold;">Position</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Aggregate</div>
              <div style="font-weight: bold;">Compensation from</div>
              <div style="font-weight: bold;">Fund</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 24%;">
              <div style="font-weight: bold;">Pension or Retirement</div>
              <div style="font-weight: bold;">Benefits Accrued as</div>
              <div style="font-weight: bold;">Part of Fund Expenses</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 24%;">
              <div style="font-weight: bold;">Estimated Annual</div>
              <div style="font-weight: bold;">Benefits Upon</div>
              <div style="font-weight: bold;">Retirement</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Total Compensation</div>
              <div style="font-weight: bold;">From Fund and Fund</div>
              <div style="font-weight: bold;">Complex Paid to</div>
              <div style="font-weight: bold;">Directors</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 25%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>David C. Sims, Director</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000;">0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="color: #000000;">0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 25%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>Luke E. Sims, Director</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="color: #000000;">0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="color: #000000;">0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-indent: 36pt; font-weight: bold;"><u>Continuing Directors and Nominees Who Are Not Interested Persons</u></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z90045829c1034fa6a41d71a50fff4185" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 24%;">
              <div style="font-weight: bold;">Name of Person,</div>
              <div style="font-weight: bold;">Position</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Aggregate</div>
              <div style="font-weight: bold;">Compensation from</div>
              <div style="font-weight: bold;">Fund</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 24%;">
              <div style="font-weight: bold;">Pension or Retirement</div>
              <div style="font-weight: bold;">Benefits Accrued as</div>
              <div style="font-weight: bold;">Part of Fund Expenses</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 25.3333%;">
              <div style="font-weight: bold;">Estimated Annual</div>
              <div style="font-weight: bold;">Benefits Upon</div>
              <div style="font-weight: bold;">Retirement</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">Total Compensation</div>
              <div style="font-weight: bold;">From Fund and Fund</div>
              <div style="font-weight: bold;">Complex Paid to</div>
              <div style="font-weight: bold;">Directors</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>Robert M. Bilkie, Jr. Director and Nominee</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>11,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 25.3333%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>11,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>Phillip J. Hanrahan, Director and Nominee</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>12,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 25.3333%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>12,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>Carl A. Holth, Director</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>12,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 25.3333%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>12,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>Peggy L. Schmeltz, Director</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>11,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 25.3333%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>11,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>Donald G. Tyler, Director</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>12,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 25.3333%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>12,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; border-left: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>Neal F. Zalenko, Director</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>12,500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 24%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" style="vertical-align: top; width: 25.3333%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">None</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>12,500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      </div>
      <div style="font-weight: bold;">Board Meetings and Committees; Annual Meeting Attendance</div>
      <div>&#160;</div>
      <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board held three (3) meetings during 2019.&#160; Each director attended at least 75% of the meetings of the Board and committees of the Board on which he or she served during 2019.&#160; The Fund has only one committee, the Audit Committee.&#160;
        The Fund has no nominating or compensation committees.&#160; The Board does not currently have a policy with regard to the attendance of directors at its annual meeting of shareholders.&#160; All of the directors attended the Fund&#8217;s 2019 annual meeting of
        shareholders, either in person or by telephone.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Shareholder Communications</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Shareholders may send communications to the Board (to the attention of the Fund&#8217;s Secretary) at the Fund&#8217;s principal executive office.&#160; All shareholder communications shall be compiled by the
        Secretary and forwarded directly to the Board or the director as indicated in the letter.&#160; The Board reserves the right to revise this procedure in the event that it is abused or becomes unworkable.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Nominating Committee</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Board does not have a standing nominating committee or committee performing similar functions as the Board has determined, given its relatively small size, to perform this function as a whole.&#160;
        The Board does not currently have a charter or other written policy with regard to the nomination process, or a formal policy with respect to the consideration of director candidates.&#160; The nominations of the directors standing for reelection at the
        Meeting were approved by the Board. Messrs. Bilkie, Hanrahan, Holth, Tyler and Zalenko and Ms. Schmeltz are independent directors under the rules of the NYSE American LLC.&#160;&#160; Mr. Luke E. Sims, who is the Fund&#8217;s President and Chief Executive Officer,
        is an Interested Person and is not an independent director under the rules of the NYSE American LLC.&#160; Mr. David C. Sims, who is an officer of the Fund and a director of the Fund, is an Interested Person and is not an independent director under the
        rules of the NYSE American LLC.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Qualifications for consideration as a Board nominee may vary according to the particular areas of expertise being sought as a complement to the existing Board composition.&#160; In making its
        nominations, the Board considers relevant factors, including an individual&#8217;s business experience, breadth of knowledge about issues and matters affecting the Fund, time availability for meetings and consultation regarding Fund matters, and other
        particular skills and experience.&#160; The Board desires of candidates who possess the background, skills and expertise to make a significant contribution to the Board, the Fund and its shareholders.&#160; In the event of a need for a new or additional
        director, the Board will evaluate potential nominees by reviewing their qualifications, results of personal interviews and such other information as the Board may deem relevant.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Fund does not employ an executive search, firm, or pay a fee to any other third party, to assist in identifying or evaluating potential qualified candidates for director.&#160; Since 1989, the Board
        has nominated the current directors for reelection at each annual meeting of shareholders, except that starting with the Fund&#8217;s 2013 annual meeting directors have been nominated and elected to staggered terms.&#160; Ms. Schmeltz and Mr. Holth have
        served as directors since 1989.&#160;&#160; Mr. Luke E. Sims has served as a director since 2002.&#160; Mr. Bilkie has served as a director since 2006, and previously served as a Fund director from July 1990 through May 1996.&#160; Messrs. Hanrahan and Zalenko have
        each served as directors since 2008.&#160; Mr. Tyler has served as director since 2010.&#160; Mr. David C. Sims has served as a director since 2015.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Board has not established special procedures for shareholders to submit director recommendations.&#160; If the Secretary were to receive a recommendation of a candidate from a Fund shareholder, he
        would submit it to the Board, and the Board would consider such recommendations in the same manner as all other candidates.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Audit Committee; Risk Management</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Fund has an Audit Committee, established in accordance with the Securities Exchange Act of 1934, comprised of Messrs. Zalenko (Chairman), Hanrahan, Holth and Tyler.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Audit Committee is responsible for the appointment, compensation, retention and oversight of the work of the Fund&#8217;s independent accountants.&#160;&#160; Each of Messrs. Zalenko, Hanrahan, Holth and Tyler
        meets the requirements for independence set forth in the rules of the NYSE American LLC.&#160; The Fund&#8217;s Board has adopted a written charter for the Audit Committee.&#160; The charter can be found on the Fund&#8217;s website at <u>http://eaglecapitalgrowthfund.com</u>
        under &#8220;Corporate Governance&#8221;.&#160; The Audit Committee reviews and considered the Audit Committee charter at least annually.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Audit Committee met twice during 2019. The current members of the Audit Committee, Messrs. Zalenko, Hanrahan, Holth and Tyler meet the requirements for independence set forth in the rules of
        the NYSE American Exchange.&#160; They are not Interested Persons of the Fund as defined in the Investment Company Act of 1940.&#160; Under the Fund&#8217;s By-laws, the Chairman is a non-executive, non-officer position.&#160; Each of Messrs. Zalenko, Hanrahan, Holth
        and Tyler has been determined to be an &#8220;audit committee financial expert&#8221; as such term is defined in SEC rules.&#160; A copy of the report of the Audit Committee is attached hereto as Exhibit A.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Investment funds generally face a number of risks, including investment risk, compliance risk, and valuation risk.&#160; The Fund, as a diversified regulated investment company, doesn&#8217;t have any unique
        or unusual risks that it needs to manage.&#160; The Fund attempts to minimize risks.&#160; All of the Fund&#8217;s cash and securities are held by its independent custodian.&#160; Moreover, the Fund&#8217;s investments consist solely of marketable securities, and primarily
        large capitalization companies.&#160;&#160; The Board as a whole receives reports about the Fund&#8217;s transactions and discusses such transactions with management and its investment advisor.&#160; At such meetings the Chief Compliance Officer reports to the Board
        about the Fund&#8217;s compliance status.</div>
      <div>&#160;</div>
      <div style="font-weight: bold;">Investment Advisor</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Fund&#8217;s investment advisor is Sims Capital Management LLC.&#160; Luke E. Sims, a director, President and Chief Executive Officer of the Fund, and David C. Sims, a director, Chief Financial Officer,
        Chief Compliance Officer, Treasurer and Secretary of the Fund, are the managers of the Advisor.&#160; See the earlier discussion in this Proxy Statement for further information about Luke E. Sims and David C. Sims, respectively.&#160; At the Fund&#8217;s 2007
        annual meeting of shareholders, the shareholders approved the investment advisory agreement (&#8220;Advisory Agreement&#8221;) between the Fund and the Advisor.&#160; The Advisory Agreement has been mutually extended by the Fund and the Advisor through February
        2021.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Advisor&#8217;s address is the same as that of the principal executive office of the Fund.&#160; The Fund is the Advisor&#8217;s only institutional advisory client.&#160; No other person provided any significant
        administrative or business affairs management services to the Fund during 2019.&#160; No continuing director or nominee for election as director, who is not an Interested Person, nor any of their immediate family members, is the record or beneficial
        owner of any securities in the Advisor or any of its affiliates.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; font-weight: bold;">The Board of Directors recommends that shareholders vote &#8220;FOR&#8221; the election of the two (2) nominees, Mr. Robert M. Bilkie, Jr., and Mr. Phillip J. Hanrahan, for the 3-year terms identified above.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      </div>
      <div style="text-align: center; font-weight: bold;">PROPOSAL NO. 2 &#8211; SELECTION OF INDEPENDENT ACCOUNTANTS</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Plante &amp; Moran, PLLC, independent registered public accountants, has been selected by the Audit Committee to examine the Fund&#8217;s financial statements for the year ending December 31, 2020.&#160;
        Unless a contrary specification is made, the accompanying proxy will be voted in favor of ratifying the selection of such accountants.&#160; A majority vote of the shares cast is required to approve the ratification of the selection of accountants.&#160;
        Under Maryland law, abstentions do not constitute a vote &#8220;FOR&#8221; or &#8220;AGAINST&#8221; a matter and will be disregarded in determining the votes cast.&#160; Broker non-votes with respect to shares entitled to vote will have no effect on the vote on this proposal.&#160;
        Representatives of Plante &amp; Moran, PLLC are not expected to be available at the Meeting.&#160; If any Fund shareholder wishes to pose a question to Plante &amp; Moran PPLC, we recommend that you put it in writing and direct it to the Fund&#8217;s
        Secretary at: <u>dave@simscapital.com</u> . We will see that you receive an approximate written response.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Audit Fees.</u>&#160; The Fund paid Plante &amp; Moran, PLLC $17,500 for the calendar year ended December 31, 2019, and $17,000 for the calendar year ended December 31, 2018, for audit fees.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Audit-Related Fees.</u>&#160; The Fund did not pay Plante &amp; Moran, PLLC any audit-related fees in either of the last two calendar years.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><u>Tax Fees.</u>&#160; The Fund paid Plante &amp; Moran, PLLC $4,500 for the calendar year ended December 31, 2019, and $5,500 for the calendar year ended December 31, 2018, for tax fees in connection
        with the preparation of the Fund&#8217;s tax returns and assistance with Internal Revenue Service notice and tax matters.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><u>All Other Fees.</u>&#160; The Fund did not pay Plante &amp; Moran, PLLC any other amounts in either of the last two calendar years.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Audit fees&#8221; are fees paid by the Fund to Plante &amp; Moran, PLLC for professional services for the audit of our financial statements, or for services that are usually provided by an auditor in
        connection with statutory and regulatory filings and engagements. &#8220;Audit-related fees&#8221; are fees for assurance and related services that are reasonably related to the performance of the audit or review of financial statements. &#8220;Tax fees&#8221; are fees
        for tax compliance, tax advice and tax planning. All other Fund fees are fees billed for any services not included in the first three categories.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">None of the services covered under the captions &#8220;Audit-Related Fees,&#8221; &#8220;Tax Fees,&#8221; and &#8220;All Other Fees&#8221; with respect to Plante &amp; Moran, PLLC were provided under the <font style="font-style: italic;">de minimis </font>exception to Audit Committee approval of 17 CFR 210.2-01(c) 7(i)(C) and (ii) Plante &amp; Moran, PLLC was not engaged during the last two calendar years to provide non-audit services to the Fund or to the Advisor or
        any of its affiliates that provide ongoing services to the Fund (&#8220;Other Non-Audit Services&#8221;).&#160; Under the Audit Committee charter, the Audit Committee must approve in advance all non-audit services of the Fund and all Other Non-Audit Services.&#160; The
        Audit Committee has not adopted &#8220;pre-approval policies and procedures&#8221; as such term is used in 17 CFR 210.2-01(c)(7)(i)(B) and (ii).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-weight: bold;">The Board recommends that shareholders vote &#8220;FOR&#8221; the ratification of Plante &amp; Moran, PLLC as the independent registered public accountants to examine the Fund&#8217;s financial
        statements for the year ending December 31, 2020.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Directors and officers of the Fund and certain of its affiliates and beneficial owners of more than 10% of the Common Stock are required to file initial reports of ownership and reports of changes
        in ownership of the Common Stock pursuant to Section 16(a) of the Securities Exchange Act of 1934, as amended.&#160; The Fund has reviewed such reports received by it and written representations of such persons who are known by the Fund and, based
        solely upon such review, the Fund believes that, during the year ended December 31, 2019, filings were timely filed.&#160; As of the Record Date, to the best of the Fund&#8217;s knowledge, all such filings are current.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      </div>
      <div style="text-align: center; font-weight: bold;">PROPOSALS OF SHAREHOLDERS</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Shareholder proposals for the 2021 annual meeting of shareholders must comply with applicable rules of the Securities and Exchange Commission (including Rule 14a-8) and be received by the Fund at
        225 East Mason Street, Suite 802, Milwaukee, Wisconsin 53202-3657 before the close of business on November 18, 2020, for consideration for inclusion in the Fund&#8217;s proxy statement.&#160; Shareholder proposals should be addressed to the attention of the
        Fund&#8217;s Secretary.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">MISCELLANEOUS</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Board is not aware of any other business that will be presented for action at the Meeting.&#160; If any other business properly comes before the Meeting, proxies received from shareholders will be
        voted at the discretion of the named individuals.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z00a6d6d3e7ae41b58333aa157b20df4a">

          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div>By Order of the Board</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div>David C. Sims, Secretary</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div>March 8, 2020</div>
            </td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <br>
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      </div>
      <div style="text-align: right; font-weight: bold;">EXHIBIT A</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">REPORT OF AUDIT COMMITTEE</div>
      <div>&#160;</div>
      <div>February 17, 2020</div>
      <div>&#160;</div>
      <div>To the Board of Directors of the Eagle Capital Growth Fund, Inc.:</div>
      <div>&#160;</div>
      <div>We have reviewed and discussed with management the Fund&#8217;s audited financial statements as of and for the year ended December 31, 2019.</div>
      <div>&#160;</div>
      <div>We have discussed with the independent auditors the matters required to be discussed by Statement on Auditing Standards No. 61, as amended (AICPA, <font style="font-style: italic;">Professional Standards,</font> Vol. 1 AU Section 380) as
        adopted by the Public Company Accounting Oversight Board in Rule 3200T.</div>
      <div>&#160;</div>
      <div>We have received and reviewed the written disclosures and the letter from the independent registered public accountants required by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountant&#8217;s
        communications with the audit committee concerning independence, and have discussed with the independent accountants the independent accountants&#8217; independence.</div>
      <div>&#160;</div>
      <div>Based on the review and discussions referred to above, we recommend to the Board of Directors that the audited financial statements referred to above be included in the Fund&#8217;s annual report to shareholders required by Section 30(e) of the
        Investment Company Act of 1940 and Rule 30d-1 thereunder for the year ended December 31, 2019, for filing with the Securities and Exchange Commission.</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">Neal F. Zalenko, Chairman</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">Phillip J. Hanrahan, Member</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">Carl A. Holth, Member</div>
      <div>&#160;</div>
      <div style="margin-left: 36pt;">Donald G. Tyler, Member</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">EAGLE CAPITAL GROWTH FUND, INC.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; font-weight: bold;">As an alternative to completing this form, you may enter your vote instruction via the Internet at WWW.VOTEPROXY.COM and follow the simple instructions.&#160; Use the Company Number and Account Number
        shown on your proxy card.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">The undersigned hereby appoints ROBERT M. BILKIE, JR. and LUKE E. SIMS, jointly and severally, Proxies, with full power of substitution, to represent the undersigned at the Annual Meeting of Shareholders of the Eagle
        Capital Growth Fund, Inc., to be held at the Milwaukee Bar Association, Board Conference Room, 747 North Broadway Street, Milwaukee, Wisconsin 53202, on Thursday, April 16, 2020, at 9:00 A.M. local time, and at any adjournments thereof, and to vote
        all shares of common stock which the undersigned is entitled to vote, and act with all the powers the undersigned would possess if personally present at the meeting.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">This revocable proxy, when properly executed, will be voted in the manner directed by the undersigned shareholder. <font style="font-weight: bold;">If no direction is made on an executed proxy, this proxy will be
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      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">(Continued and to be signed on the reverse side)</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">ANNUAL MEETING OF SHAREHOLDERS OF</div>
      <div>&#160;</div>
      <div style="text-align: center; font-size: 24pt; font-weight: bold;">EAGLE CAPITAL GROWTH FUND, INC.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">Thursday, April 16, 2020</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;"><u>NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL:</u></div>
      <div style="text-align: center;">The Notice of Meeting, proxy statement and proxy card are available at-</div>
      <div style="text-align: center;">http://www.eaglecapitalgrowthfund.com/proxy</div>
      <div>&#160;</div>
      <div style="text-align: center;">Please date, sign and mail</div>
      <div style="text-align: center;">your proxy card in the</div>
      <div style="text-align: center;">envelope provided as soon</div>
      <div style="text-align: center;">as possible.</div>
      <div><br>
      </div>
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          <tr>
            <td style="width: 22.74%; vertical-align: top;">
              <div style="text-align: right;">&#8595;</div>
            </td>
            <td style="width: 51.69%; vertical-align: top;">
              <div style="text-align: center;">Please detach along perforated line and mail in the envelope provided.</div>
            </td>
            <td style="width: 25%; vertical-align: top;">
              <div>&#8595;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <div>&#9600;</div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td rowspan="1" colspan="12" style="vertical-align: top; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                <div style="text-align: center; font-weight: bold;">THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#8220;FOR&#8221; THE ELECTION OF DIRECTORS NAMED IN PROPOSAL 1 AND &#8220;FOR&#8221; PROPOSAL 2.</div>
                <div style="font-weight: bold; text-align: center;">PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.&#160; PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE &#9746;</div>
                <div style="font-weight: bold; text-align: center;"> <br>
                </div>
              </td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td colspan="1" style="vertical-align: top; width: 1%;">1.</td>
              <td colspan="2" style="vertical-align: top;">
                <div>The election of the nominees listed below as Directors of the Fund to hold office for a three-year term, and until their successors shall have been elected and qualified:</div>
              </td>
              <td colspan="2" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top; width: 3%;">
                <div>2.<br>
                </div>
                <div>&#160;</div>
              </td>
              <td style="vertical-align: top; width: 27%;">Ratification of the selection of Plante &amp; Moran, PLLC as independent registered public accountants for the Fund&#8217;s year ending December 31, 2020.</td>
              <td style="vertical-align: top; width: 5%; text-align: center;">
                <div>FOR</div>
                <div>&#9744;</div>
              </td>
              <td style="vertical-align: top; width: 9%; text-align: center;">
                <div>AGAINST</div>
                <div>&#9744;</div>
              </td>
              <td style="vertical-align: top; width: 9%;">
                <div style="text-align: center;">ABSTAIN</div>
                <div style="text-align: center;">&#9744;</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 18%;">&#160;</td>
              <td rowspan="1" style="width: 22%; vertical-align: top;">NOMINEES:</td>
              <td rowspan="1" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
              <td colspan="1" rowspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 3%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 27%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 5%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 9%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 9%;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;">&#9744;FOR ALL NOMINEES</td>
              <td rowspan="1" style="width: 22%; vertical-align: top;"><font style="font-family: Wingdings;">m</font> Robert M. Bilkie, Jr. (Class I)</td>
              <td rowspan="1" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
              <td colspan="1" rowspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 3%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 27%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 5%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 9%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 9%;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="2" style="vertical-align: top;"><br>
              </td>
              <td rowspan="1" style="width: 22%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
              <td colspan="1" rowspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 3%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 27%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 5%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 9%;">&#160;</td>
              <td rowspan="1" style="vertical-align: top; width: 9%;">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td colspan="2" style="vertical-align: top;" rowspan="1">
                <div>&#9744;WITHHOLD AUTHORITY</div>
              </td>
              <td style="width: 22%; vertical-align: top;"><font style="font-family: Wingdings;">m</font> Phillip J. Hanrahan (Class I)</td>
              <td style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
              <td colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top; width: 3%;">&#160;</td>
              <td style="vertical-align: top; width: 27%;">&#160;</td>
              <td style="vertical-align: top; width: 5%;">&#160;</td>
              <td style="vertical-align: top; width: 9%;">&#160;</td>
              <td style="vertical-align: top; width: 9%;">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top;" rowspan="1">&#160;</td>
              <td colspan="2" style="vertical-align: top;" rowspan="1">
                <div style="margin-left: 9pt;">FOR ALL NOMINEES</div>
              </td>
              <td style="width: 22%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0);" colspan="2" rowspan="1">&#160;</td>
              <td colspan="1" style="vertical-align: top; width: 1%;" rowspan="1">&#160;</td>
              <td style="vertical-align: top; width: 3%;" rowspan="1">&#160;</td>
              <td style="vertical-align: top; width: 27%;" rowspan="1">&#160;</td>
              <td style="vertical-align: top; width: 5%;" rowspan="1">&#160;</td>
              <td style="vertical-align: top; width: 9%;" rowspan="1">&#160;</td>
              <td style="vertical-align: top; width: 9%;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td colspan="2" style="vertical-align: top;" rowspan="1">
                <div>&#9744;FOR ALL EXCEPT</div>
              </td>
              <td style="width: 22%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
              <td colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top; width: 3%;">&#160;</td>
              <td style="vertical-align: top; width: 27%;">&#160;</td>
              <td style="vertical-align: top; width: 5%;">&#160;</td>
              <td style="vertical-align: top; width: 9%;">&#160;</td>
              <td style="vertical-align: top; width: 9%;">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top;" rowspan="1">&#160;</td>
              <td colspan="2" style="vertical-align: top;" rowspan="1">
                <div style="margin-left: 9pt;">(See instructions below)</div>
              </td>
              <td style="width: 22%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0);" colspan="2" rowspan="1">&#160;</td>
              <td colspan="1" style="vertical-align: top; width: 1%;" rowspan="1">&#160;</td>
              <td style="vertical-align: top; width: 3%;" rowspan="1">&#160;</td>
              <td style="vertical-align: top; width: 27%;" rowspan="1">&#160;</td>
              <td style="vertical-align: top; width: 5%;" rowspan="1">&#160;</td>
              <td style="vertical-align: top; width: 9%;" rowspan="1">&#160;</td>
              <td style="vertical-align: top; width: 9%;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td colspan="2" style="vertical-align: top;" rowspan="1">
                <div><br>
                </div>
              </td>
              <td style="width: 22%; vertical-align: top;"><br>
              </td>
              <td style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
              <td colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top; width: 3%;">
                <div>3.<br>
                </div>
              </td>
              <td style="vertical-align: top;" rowspan="1" colspan="4">&#160;In their discretion, for or against such other matters as may properly come before the Meeting or any adjournment or adjournments thereof.</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td colspan="3" style="vertical-align: top;" rowspan="1"><br>
              </td>
              <td colspan="2" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
              <td colspan="5" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td colspan="3" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                <div style="margin: 0px 0px 0px 81pt; text-indent: -81pt;"><font style="font-weight: bold;"><u>INSTRUCTION</u></font>:&#160;&#160; To withhold authority to vote for any individual nominee(s), mark &#8220;<font style="font-weight: bold;">FOR ALL&#160;&#160; EXCEPT</font>&#8221;
                  and fill in the circle next to each nominee you wish to withhold, as shown here: &#9679;</div>
              </td>
              <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 3%;">&#160;</td>
              <td style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
              <td colspan="1" style="vertical-align: top; padding-bottom: 2px; width: 1%;">&#160;</td>
              <td colspan="5" style="vertical-align: top; padding-bottom: 2px;">
                <div style="font-weight: bold;">Unless otherwise directed herein, the Proxy or Proxies appointed hereby are authorized to vote &#8220;FOR&#8221; Proposals 1 and 2, and to vote in their discretion with respect to all other matters which may come before
                  the Meeting.</div>
              </td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td colspan="3" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;&#160;</td>
              <td colspan="2" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
              <td colspan="5" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td colspan="3" style="vertical-align: top;" rowspan="1">&#160;&#160;</td>
              <td colspan="2" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
              <td colspan="5" style="vertical-align: top;">
                <div>If only one of the above-named proxies shall be present in person or by substitute at the Meeting, or any adjournment thereof, then that one, either in person or by substitute, may exercise all of the powers hereby given.</div>
              </td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td colspan="3" style="vertical-align: top;" rowspan="1">&#160;&#160;</td>
              <td colspan="2" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
              <td colspan="5" style="vertical-align: top;">
                <div><br>
                </div>
              </td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td colspan="3" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;&#160;</td>
              <td colspan="2" style="vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
              <td colspan="5" style="vertical-align: top;">
                <div>Any proxy or proxies heretofore given to vote such shares are hereby revoked.</div>
              </td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td colspan="3" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                <div>To change the address on your account, please check the box at right and indicate your new address in the address space above.&#160; Please note that changes to the registered name(s) on the account may not be submitted via this method.</div>
              </td>
              <td style="width: 3%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#9744;</td>
              <td style="width: 1%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
              <td colspan="5" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);" rowspan="1">&#160;</td>
              <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="2">&#160;</td>
              <td style="width: 22%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="vertical-align: top;" colspan="2" rowspan="1">Date</td>
              <td style="vertical-align: top; width: 1%;" colspan="1" rowspan="1">&#160;</td>
              <td style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
              <td style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
              <td style="width: 9%; vertical-align: top;" rowspan="1">Date</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" rowspan="1" colspan="2">
                <div>Signature of Shareholder</div>
              </td>
              <td style="width: 22%; vertical-align: top;">
                <div><br>
                </div>
              </td>
              <td style="vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top; width: 1%;" colspan="1">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div>Signature of Shareholder</div>
              </td>
              <td style="vertical-align: top;" colspan="3" rowspan="1"><br>
              </td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
              <td style="width: 22%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
              <td style="vertical-align: top; width: 1%;" colspan="1" rowspan="1">&#160;</td>
              <td style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
              <td style="vertical-align: top;" colspan="3" rowspan="1"><br>
              </td>
            </tr>
            <tr>
              <td colspan="1" style="width: 1%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="vertical-align: top;" rowspan="1" colspan="10"><font style="font-weight: bold;">Note</font>:&#160; Please sign exactly as your name or names appear on this Proxy.&#160; When shares are held jointly, each holder should sign.&#160; When signing as
                executor, administrator, attorney, trustee or guardian, please give full title as such.&#160; If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such.&#160; If signer is a partnership,
                please sign in partnership name by authorized person.</td>
            </tr>

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</DOCUMENT>
</SEC-DOCUMENT>
