<SEC-DOCUMENT>0001140361-21-007921.txt : 20210310
<SEC-HEADER>0001140361-21-007921.hdr.sgml : 20210310
<ACCEPTANCE-DATETIME>20210310062415
ACCESSION NUMBER:		0001140361-21-007921
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210310
DATE AS OF CHANGE:		20210310
EFFECTIVENESS DATE:		20210310

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05807
		FILM NUMBER:		21728191

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

	MAIL ADDRESS:	
		STREET 1:		225 EAST MASON STREET
		STREET 2:		SUITE 802
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BETTER INVESTING FUND INC
		DATE OF NAME CHANGE:	19890716
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>brhc10021458_ncsr.htm
<DESCRIPTION>N-CSR
<TEXT>
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        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt;">United States</div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt;">Securities and Exchange Commission</div>
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        <div style="text-align: center; color: rgb(0, 0, 0);">Washington, D.C. 20549</div>
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        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Form N-CSR</div>
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        <div style="text-align: center; color: #000000;">Certified Shareholder Report of Registered Management</div>
        <div style="text-align: center; color: #000000;">Investment Companies</div>
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        <div style="text-align: center; color: #000000;">Investment Company Act file number: 811-05807</div>
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        <div style="text-align: center; color: rgb(0, 0, 0); font-size: 24pt;">Eagle Capital Growth Fund, Inc.</div>
        <div style="text-align: center; color: #000000;">(Exact name of registrant as specified in charter)</div>
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        <div style="text-align: center; color: #000000;">225 East Mason Street, Suite 802, Milwaukee, WI 53202</div>
        <div style="text-align: center; color: #000000;">(Address of principal executive offices) (zip code)</div>
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        <div style="text-align: center; color: #000000;">Luke E. Sims, President and Chief Executive Officer</div>
        <div style="text-align: center; color: #000000;">Eagle Capital Growth Fund, Inc.</div>
        <div style="text-align: center; color: #000000;">225 East Mason Street, Suite 802,</div>
        <div style="text-align: center; color: #000000;">Milwaukee, WI 53202</div>
        <div style="text-align: center; color: #000000;">&#160;(Name and address of agent for service)</div>
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        <div style="text-align: center; color: #000000;">Registrant&#8217;s telephone number, including area code: (414) 765-1107</div>
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        <div style="text-align: center; color: #000000;">Date of fiscal year end: December 31</div>
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        <div style="text-align: center; color: #000000;">Date of reporting period: December 31, 2020</div>
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                  <div style="text-align: left; color: rgb(0, 0, 0);">ITEM 1. </div>
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                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left; color: rgb(0, 0, 0);">REPORT TO STOCKHOLDERS</div>
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      <div style="text-align: center;"><img width="350" height="289" src="image1.jpg"></div>
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      <div style="text-align: center;">Eagle Capital Growth Fund, Inc.</div>
      <div style="text-align: center;">Annual Report</div>
      <div><br>
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      <div style="text-align: center;">December 31, 2020</div>
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      <div style="text-align: center; font-weight: bold;"><u>Top Ten Equity Holdings (as of December 31, 2020)</u></div>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Company</div>
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              <div style="text-align: center;">Market Value</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;">Percentage of Portfolio</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Berkshire Hathaway Inc. B</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div>$</div>
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              <div>7,419,840</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div>19.1</div>
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              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Franklin Resources, Inc.</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>2,236,605</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>5.8</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">White Mountains Insurance Group, Ltd.</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>2,101,386</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>5.4</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Diamond Hill Investment Group</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>2,046,641</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>5.3</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Starbucks Corp.</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>1,925,640</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>5.0</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Colgate-Palmolive Company</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>1,795,710</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>4.6</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Waters Corp.</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>1,484,520</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>3.8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">PepsiCo, Inc.</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>1,483,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>3.8</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Illinois Tool Works Inc.</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>1,427,160</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>3.7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Markel Corp.</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>1,343,290</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>3.5</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>Fellow Shareholders:</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Given the extraordinary events of the last year, hopefully this letter finds you healthy and safe.&#160; The year 2020 took a toll on humanity.&#160;&#160; Let's hope that 2021 is better than 2020.&#160;&#160; With a number of coronavirus
        vaccines approved and in distribution, we're confident that the pandemic and its related economic consequences will gradually recede.&#160; On the upside, the markets took the pandemic in stride with gains over the year.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">To say that the stock market in 2020 was tumultuous would be an understatement.&#160;&#160; The March swoon was followed by a rapid recovery to new highs.&#160; Looking back, we failed to take maximum advantage of the downturn.&#160; Mea
        culpa.&#160; We were surprised at how quickly the stock market recovered, and speed of the recovery got past us.&#160; The error of omission in deploying cash was offset by our steady hand in holding portfolio companies.&#160; On the good news side, we were able
        to take initial positions in MasterCard (MA) and Visa (V), two companies we know well and have coveted for years.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">White Mountains Insurance (WTM) was a Fund portfolio company until 2018, when we sold the position because of a full valuation.&#160;&#160; We believe that we understand the company fairly well, and we had an opportunity to
        rebuy WTM during 2020.&#160;&#160; As with most insurers, book value is an important factor in any valuation analysis.&#160;&#160; During 2020, one of WTM's private investments (MediaAlpha) went public under the stock symbol "MAX", and WTM's book value rose 20%. We
        were able to buy WTM at a wide discount to book value and have been pleased with its subsequent operating performance.&#160; One added plus of our new WTM investment is that it introduced us to MAX, a rare fast-growing and profitable technology company.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Berkshire Hathaway has been a large position in the Fund for the last couple years, and we added to it this year.&#160; In market turmoil, there&#8217;s a benefit to owning high quality companies with solid balance sheets.&#160; Of
        that group, Berkshire is at the top of the list.&#160; Further, the shares were available at an attractive price.&#160; Buying Berkshire was a very easy decision.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">While Berkshire shows up as one investment in the portfolio, Berkshire operates wholly-owned large businesses in a variety of fields, in addition to having investments.&#160; Berkshire-owned GEICO is a large insurer,
        focused on the US automobile insurance market.&#160; BNSF, or Burlington Northern Santa Fe, is a large railroad operator transporting goods and fuel.&#160; Berkshire Energy is largely identified as the large utility MidAmerican, though it is branching out
        into other energy businesses.&#160; The public company investments are significant too, with a $120 billion investment in Apple Inc, $25 billion in Bank of America, $20 billion in The Coca-Cola Company, and $15 billion in American Express.&#160; So, while
        Berkshire is one name in the portfolio, the Fund has gained inexpensive ownership of a number of underlying businesses.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Unlike Berkshire, the stock market is replete with companies trading based upon high expectations.&#160;&#160; One example is DoorDash, Inc. (DASH).&#160;&#160; You&#8217;re probably familiar with this food delivery service, which has benefited
        enormously during the COVID-19 pandemic and from the stay-at-home movement.&#160; The food delivery trend is currently in fashion given the pandemic backdrop, however the market is valuing DASH as though it will have a dominant position in an industry
        that will be 5x larger than it currently is.&#160; While we wish nothing but the best for DASH shareholders, we&#8217;re unwilling to lay out our capital based on such extreme assumptions about the future.</div>
      <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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;As our loyal shareholders know, our Fund will inevitably lag in a strong up stock market.&#160;&#160; Our conservative, slower-growing companies will invariably rise---but at a slower rate---in an ebullient market.&#160;&#160; Our Fund net asset value
        (NAV) increased 10.75% during the year, against a 20.10% increase in our benchmark S&amp;P 500 (total return) index.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">As the author Andrzej Sapkowski notes, "[t]here is a grain of truth in every fairy tale" ("The Last Wish").&#160;&#160; This encapsulates our view of Modern Monetary Theory (MMT), a concept which suggests that governments are
        able to spend at will without concerns for long-term effects.&#160;&#160; If MMT adherents gain the upper hand and drastically expand the U. S. dollars in circulation, then the Fund&#8217;s portfolio (and the overall stock market) will be in for a rude awakening
        if and when inflation picks up steam.&#160;&#160; In the short run higher inflation (and higher interest rates) are never good for equity investors.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">MMT starts with an indisputable truth----a country whose debt is denominated in that country's currency cannot default.&#160;&#160; All the debtor country has to do is to print more money.&#160; So far, so good.&#160; Then MMT posits
        that, as the increased volume of currency chases a relatively fixed amount of goods and services (and threatens inflation), the debtor country merely raises taxes (payable solely in the country's currency) as a way of reducing the currency in
        circulation.&#160;&#160; This expected reduction in the currency in circulation should bring down inflationary pressures.&#160;&#160; Sounds easy as a matter of theory, but virtually impossible in the real world.&#160;&#160; Well, we may soon see how MMT (now just a theory)
        plays out in the real world.&#160;&#160; We're betting that the real world triumphs over economic theory.</div>
      <div> <br>
      </div>
      <div style="text-indent: 36pt;">The Fund has been blessed with a Board of Directors with a lot of dedication, insight and focus on shareholders.&#160; And no director epitomizes that more than Peggy Schmeltz.&#160; Peggy is a remarkable director, remarkable
        investor and remarkable woman.&#160; Peggy dedicated 31 years to the Fund, from its inception until 2021 serving shareholders.&#160; It is with joy and enthusiasm that we celebrate her contributions.&#160; Unfortunately, we were unable to convince her to reverse
        her decision to not seek reelection as a director.&#160; We wish you all the best Peggy in your next adventures and investments.&#160; Thank you.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">As always, we love hearing from our shareholders, although the ground rules remain the same.&#160;&#160; We're happy to talk about all publicly-available information, but decline to talk about possible Fund portfolio purchases
        or sales.</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;">
        <table cellspacing="0" cellpadding="0" border="0" id="za7fcbb711c9241228235c3f4b325f381" 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: top;">
                <div>Luke E. Sims</div>
              </td>
              <td style="width: 40%; vertical-align: top;">
                <div>David C. Sims, CFA</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">
                <div>Email:&#160; <u>luke@simscapital.com</u></div>
              </td>
              <td style="width: 40%; vertical-align: top;">
                <div>Email:&#160;&#160; <u>dave@simscapital.com</u></div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">
                <div>Phone:&#160;&#160; 414/530-5680</div>
              </td>
              <td style="width: 40%; vertical-align: top;">
                <div>Phone:&#160; 414/765-1107</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>January 29, 2021</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Eagle Capital Growth Fund, Inc.</div>
      <div style="font-weight: bold;">Statement of Assets, Liabilities and Shareholders&#8217; Equity</div>
      <div style="font-weight: bold;">As of December 31, 2020</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="za56d3523aef04e6db3161cabf03b49f1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Common stock--at market value (cost $20,553,857)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
              <div>34,935,111</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Money market funds</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right;">
              <div>3,890,281</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Short-term interest receivable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
              <div>44</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Dividends receivable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right;">
              <div>55,426</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Prepaid fees</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>15,268</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>38,896,130</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>26,647</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Investment advisor fee payable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>27,600</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>54,247</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total net assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>38,841,883</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Shareholders' Equity</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Common stock- $0.001 par value per share; 50,000,000 shares authorized, 4,074,321 shares outstanding</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>4,074</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Paid-in capital</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>24,447,764</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Undistributed net investment income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>8,791</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Unrealized appreciation on investments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div>14,381,254</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Shareholders' equity</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
              <div>38,841,883</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <div>9.53</div>
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      <div><br>
      </div>
      <div>See Notes to Financial Statements.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Eagle Capital Growth Fund, Inc.</div>
      <div style="font-weight: bold;">Statement of Operations</div>
      <div style="font-weight: bold;">For the Year Ended December 31, 2020</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z8fb1b0886a984fb58bb2643018a307ca" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

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            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Dividends</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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              <div>$</div>
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              <div>644,918</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <div>15,319</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Total investment income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
              <div>660,237</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Expenses</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Advisory fees</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
              <div>267,912</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Legal fees</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right;">
              <div>5,840</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Insurance</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
              <div>13,999</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Transfer agent</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right;">
              <div>41,487</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Audit Fees</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
              <div>24,500</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Directors&#8217; fees and expenses</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right;">
              <div>70,500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Custodian fees</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
              <div>7,531</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Listing fee</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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              <div>15,000</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other fees and expenses</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>12,667</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Total expenses</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>459,436</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net investment income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>200,801</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="4" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Realized Gain and Unrealized Appreciation on Investments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Realized gain on investments:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Proceeds from sale of investment securities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>7,277,658</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Less: cost of investment securities sold</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" 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" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>5,299,076</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Net realized gain on investments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
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            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>1,978,582</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Unrealized appreciation on investments:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Unrealized appreciation at end of period</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>14,381,254</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Less: unrealized appreciation at beginning of period</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>13,008,148</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Net change in unrealized appreciation on investments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>1,373,106</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">
              <div>
                <div style="text-indent: -9pt; margin-left: 18pt;">Net realized gain and unrealized appreciation on investments</div>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>3,351,688</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 64%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net increase from operations</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>3,552,489</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>See Notes to Financial Statements.</div>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Eagle Capital Growth Fund, Inc.</div>
      <div style="font-weight: bold;">Statements of Changes in Net Assets</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z71971611ad5b4a26b65054796e12edae" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center;">Year Ended</div>
              <div style="text-align: center;">December 31, 2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center;">Year Ended</div>
              <div style="text-align: center;">December 31, 2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">From Operations:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net investment income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>338,564</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>200,801</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net realized gain on investments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>1,891,710</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>1,978,582</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net change in unrealized appreciation on investments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>4,391,548</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
              <div>1,373,106</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Net increase from operations</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>6,621,822</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>3,552,489</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Distributions to Shareholders from:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net investment income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(288,206</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(262,295</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net realized gain from investment transactions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>(1,891,710</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>(1,978,582</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Total distributions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(2,179,916</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(2,240,877</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">From Capital Stock Transactions:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Reinvested capital from distribution of shares(A)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>1,376,635</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total Net Assets:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Beginning of year</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>31,711,730</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>37,530,271</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div>
                <div style="text-indent: -9pt; margin-left: 9pt;">End of year (including undistributed net investment income of $70,285 and $8,791)</div>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>37,530,271</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>38,841,883</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Shares:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Shares at beginning of year</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>3,892,707</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>4,074,321</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Shares issued to shareholders from the distribution(A)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>181,614</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Shares at end of year</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>4,074,321</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
              <div>4,074,321</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>(A) The Fund paid its distribution in shares in 2019, with an option for cash; in 2020, the Fund did not issue any shares in its distribution.</div>
      <div><br>
      </div>
      <div>See Notes to Financial Statements.<br>
        <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Eagle Capital Growth Fund, Inc.</div>
      <div style="font-weight: bold;">Financial Highlights</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zcd2ac5ffb785403ea745911ea379a4b7" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">For the year ended December 31:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"> 2016</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"> 2017</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"> 2018</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"> 2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;"> 2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net asset value at beginning of year</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>8.52</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" 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>8.26</div>
            </td>
            <td valign="bottom" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>9.14</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" 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>8.15</div>
            </td>
            <td valign="bottom" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" 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>9.21</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net investment income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>0.01</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>0.10</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>0.09</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>0.05</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net realized gain and unrealized</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">appreciation (loss) on investments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>0.99</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" 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>1.44</div>
            </td>
            <td valign="bottom" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>(0.50</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" 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>1.61</div>
            </td>
            <td valign="bottom" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" 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>0.82</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total from investment operations</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>1.00</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>1.44</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(0.42</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>1.70</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>0.87</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Distribution from:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Net investment income</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(0.01</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(0.09</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(0.07</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(0.06</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Realized gains</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>(1.18</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" 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" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>(0.51</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>(0.44</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" 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" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>(0.49</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>(0.49</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total distributions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(1.19</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(0.51</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(0.53</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(0.56</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(0.55</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Dilution from share issuance</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(0.07</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(0.05</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(0.04</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>(0.08</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>-</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net asset value at end of year</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>8.26</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" 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>9.14</div>
            </td>
            <td valign="bottom" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>8.15</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" 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>9.21</div>
            </td>
            <td valign="bottom" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>9.53</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"><br>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">
              <div>
                <div style="text-indent: -9pt; margin-left: 9pt;">Per share market price, end of year last traded price</div>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>7.35</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>7.94</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>7.30</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>8.02</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>7.98</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total Investment Return:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Average annual return, based on Market Value:</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 25.2pt;">1 Year</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div>12.06</div>
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              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div>15.02</div>
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              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div>(1.44</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div>18.13</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div>6.36</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>%</div>
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          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt;">5 Year</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>9.89</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>11.58</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>5.62</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <div>6.97</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>9.80</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt;">10 Year</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>7.08</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div>7.39</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>11.84</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>10.88</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>10.73</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Average annual return, based on Net Asset Value:</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt;">1 Year</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>12.19</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>17.82</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>(4.41</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%)</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <div>10.75</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
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          <tr>
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            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div>12.11</div>
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              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div>13.19</div>
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              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div>6.70</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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              <div>9.20</div>
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              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>11.17</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>%</div>
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          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">
              <div style="text-indent: -7.2pt; margin-left: 25.2pt;">10 Year</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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              <div>6.44</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>8.45</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>11.55</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>11.29</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>10.87</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net assets, end of year (000s omitted)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>29,641</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>34,064</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>31,712</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>37,530</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>38,842</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Ratios to average net assets (B):</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Expenses to average net assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>1.41</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>1.36</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>1.34</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>1.29</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>1.30</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Net investment income to average net assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>0.17</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>0.00</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>1.10</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>0.95</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 40%;">
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            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>59</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>50</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>42</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>26</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
              <div>19</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
              <div>%</div>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Average commission paid per share</div>
            </td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>0.01</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>0.04</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>0.05</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>0.05</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
              <div>0.04</div>
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            <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>(B)&#160; Expense ratio does not reflect fees and expenses incurred by the Fund as a result of its investments in shares of investment companies.&#160; If fees for Fund investments in investment companies were included in the expense ratio, the net impact
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      <div><br>
      </div>
      <div>See Notes to Financial Statements.<br>
        <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Eagle Capital Growth Fund, Inc.</div>
      <div style="font-weight: bold;">Portfolio of Investments (as of December 31, 2020)</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zed3821003c204b769c63c65956cda8f1">

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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="8">
              <div>Common Stock (90.0% of total investments)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center;">LEVEL ONE</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold; text-align: center;">Industry</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Shares</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Cost</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
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            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; font-weight: bold;">% of Total Investments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Advertising</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Alphabet, Inc. A*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div>500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div>583,844</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div>876,320</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">MediaAlpha, Inc.*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; padding-bottom: 2px;" colspan="1">
              <div>10,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; padding-bottom: 2px;" colspan="1">
              <div>368,778</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>390,700</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>1,267,020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>3.3</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Bank</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Wells Fargo &amp; Co.</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div>10,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div>403,661</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>$</div>
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              <div>301,800</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>301,800</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>0.8</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Brokerage</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Charles Schwab Corp</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">
              <div>20,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">
              <div>674,572</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>1,060,800</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>1,060,800</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>2.7</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Consumer</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Colgate-Palmolive Company</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>21,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div>626,458</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>1,795,710</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Kimberly-Clark Corp.</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>3,500</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>352,236</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>471,905</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Procter &amp; Gamble Company</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div>2,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div>145,879</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div>278,280</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>2,545,895</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>6.5</div>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Credit Card</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Mastercard Inc</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>1,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>219,636</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
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              <div>356,940</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Visa Inc.</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div>1,500</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div>225,957</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div>328,095</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>$</div>
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              <div>685,035</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>1.8</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Data Processing</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Automatic Data Processing, Inc.</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>6,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>169,333</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>1,057,200</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Paychex, Inc.</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div>13,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div>316,616</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>2,268,540</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>5.8</div>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Drug/Medical Device</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>4,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>45,500</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>629,520</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Stryker Corp.</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div>4,500</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div>19,055</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <div>1,102,680</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>1,732,200</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>4.5</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div>%</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Food</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Kraft Heinz Company</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>29,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>772,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>1,005,140</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">PepsiCo, Inc.</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div>10,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div>168,296</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>1,483,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>2,488,140</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>6.4</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div>%</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Industrial</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Illinois Tool Works Inc.</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>7,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>295,051</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>1,427,160</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Waters Corp.*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div>6,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div>302,341</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>1,484,520</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>$</div>
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              <div>2,911,680</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>7.5</div>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Insurance</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Berkshire Hathaway Inc. B*</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>32,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>5,477,937</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>7,419,840</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Markel Corp.*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>1,300</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>831,360</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>1,343,290</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">White Mountains Insurance Group, Ltd.</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">
              <div>2,100</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">
              <div>1,785,903</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>2,101,386</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>10,864,516</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div>28.0</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Mutual Fund Managers</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Diamond Hill Investment Group</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>13,711</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div>2,097,120</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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              <div>2,046,641</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Franklin Resources, Inc.</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>89,500</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>2,551,680</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>2,236,605</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">T. Rowe Price Group Inc.</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div>7,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div>487,146</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>5,342,976</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <div>13.8</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Restaurant</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Starbucks Corp.</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">
              <div>18,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">
              <div>940,052</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>1,925,640</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>1,925,640</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div>4.9</div>
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              <div>%</div>
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          </tr>

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      <div><br>
      </div>
      <div>See Notes to Financial Statements.</div>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      <div style="font-weight: bold;">Eagle Capital Growth Fund, Inc.</div>
      <div style="font-weight: bold;">Portfolio of Investments (as of December 31, 2020), continued</div>
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      </div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center; font-weight: bold;">Cost</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Retail</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">AutoZone Inc.*</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div>600</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div>319,026</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">
              <div>711,264</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">eBay Inc.</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right;" colspan="1">
              <div>3,000</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right;" colspan="1">
              <div>68,886</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right;" colspan="1">
              <div>150,750</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">O'Reilly Automotive Inc.*</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div>1,500</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div>305,534</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>678,855</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>1,540,869</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>4.0</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div>%</div>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total common stock investments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>34,935,111</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Money Market Funds (10.0% of total investments)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="2">
              <div style="text-align: center;">LEVEL ONE</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center; font-weight: bold;">Market Value</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center; font-weight: bold;">% of Total Investments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
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              <div style="text-indent: -9pt; margin-left: 9pt;">Morgan Stanley Inst. Liquidity Fund, Treasury, 0.01%</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div>3,890,281</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>3,890,281</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>10.0</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Total investments</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>38,825,392</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">All other assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>70,738</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Accrued investment advisory fees</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>(27,600</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">All other liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div>(26,647</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">
              <div>)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Total net assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>38,841,883</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <div>*Non-dividend paying security</div>
      </div>
      <div><br>
      </div>
      <div>See Notes to Financial Statements.</div>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Notes to Financial Statements</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z7924780c5b9149c49db1a458879d4e22" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 19.5pt; vertical-align: top; align: right; font-style: italic;">(1)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">Organization.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="margin-left: 37.5pt;">Eagle Capital Growth Fund, Inc., a Maryland corporation (&#8220;Fund&#8221;), is a diversified closed-end investment company subject to the Investment Company Act of 1940.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zb8bbfa2948154ceaa534413e0ea26900" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 19.5pt; vertical-align: top; align: right; font-style: italic;">(2)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">Significant Accounting Policies.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="margin-left: 36pt; color: #000000;">The Fund follows the accounting and reporting requirements of investment companies under ASC 946 (ASC 946-10-50-1).</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;"><font style="font-style: italic;">Dividends and distributions</font>&#8212;Dividends and distributions paid to the Fund from portfolio investments are recorded on the ex-dividend date.</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;"><font style="font-style: italic;">Investments</font>&#8212; Investments in equity securities are valued at the closing market price as of the close of regular trading on the applicable valuation date.&#160; If no such closing
        market price is available on the valuation date, the Fund uses the then most recent closing market price.</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;">In the unlikely event that there is no current or recent closing market price for a portfolio security (whether equity or debt) traded in the over-the-counter market, then the Fund uses the most recent closing bid
        price.&#160; If there is no closing bid price for a portfolio security for a period of ten (10) consecutive trading days, then the Fund&#8217;s Audit Committee or other appropriate committee shall determine the value of such illiquid security.&#160; From inception
        to December 31, 2020, the Fund has not held a security which required an illiquid pricing valuation.</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;">Investment security purchases and sales are accounted for on a trade date basis.&#160; Interest income is accrued on a daily basis while dividends are included in income on the ex-dividend date.</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;"><font style="font-style: italic;">Use of estimates</font>&#8212;The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates
        and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.&#160;
        Actual results could differ from those estimates.</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;"><font style="font-style: italic;">Federal income taxes</font>&#8212;The Fund intends to comply with the general qualification requirements of the Internal Revenue Code applicable to regulated investment companies such as the
        Fund.&#160; The Fund plans to distribute annually at least 90% of its taxable income, including net long-term capital gains, to its shareholders.&#160; In order to avoid imposition of the excise tax applicable to regulated investment companies, the Fund
        intends to declare as dividends in each calendar year an amount equal to at least 98% of its net investment income and 98% of its net realized capital gains (including undistributed amounts from previous years).</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;">The following information is based upon the Federal income tax basis of equity portfolio investments as of December 31, 2020:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 60%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="zc8bfad72df5b4061baf240828e614fbd">

          <tr>
            <td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(204, 238, 255);">
              <div>Gross unrealized appreciation</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>15,017,783</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 48%; padding-bottom: 2px;">
              <div>Gross unrealized depreciation</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" colspan="1">
              <div>(636,529</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">
              <div>)</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(204, 238, 255);">
              <div style="margin-left: 9pt;">Net unrealized appreciation</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>14,381,254</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 48%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 48%; background-color: rgb(204, 238, 255);">
              <div>Federal income tax basis</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div>$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>20,553,857</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="margin-left: 36pt;"><font style="font-style: italic;">Expenses</font>&#8212;The Fund&#8217;s service providers bear all of their expenses in connection with the performance of their services.&#160; The Fund bears all of its expenses incurred in connection
        with its operations including, but not limited to, investment advisory fees (as discussed in Note 3), legal and audit fees, taxes, insurance, shareholder reporting and other related costs.&#160; As noted in Note 3, the Fund&#8217;s investment advisor, as part
        of its responsibilities under the Investment Advisory Agreement, is required to provide certain internal administrative services to the Fund at such investment advisor&#8217;s expense.&#160; The Investment Advisory Agreement provides that the Fund may not
        incur annual aggregate expenses in excess of two percent (2%) of the first $10 million of the Fund&#8217;s average net assets, one and a half percent (1.5%) of the next $20 million of the average net assets, and one percent (1%) of the remaining average
        net assets for any fiscal year.&#160; Any excess expenses are the responsibility of the investment advisor.</div>
      <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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-left: 36pt;"><font style="font-style: italic;">Fair Value Accounting</font>&#8212;Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provides a framework for establishing
        that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;">In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.&#160; All of the Fund&#8217;s investments are classified as
        Level 1.</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;">Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and other
        inputs such as interest rates and yield curves that are observable at commonly quoted intervals.</div>
      <div><br>
      </div>
      <div style="margin-left: 37.5pt;">Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset. These Level 3 fair value measurements are based
        primarily on management&#8217;s own estimates using pricing models, discounted cash flow methodologies, or similar techniques taking into account the characteristics of the asset.</div>
      <div><br>
      </div>
      <div style="margin-left: 37.5pt;">The Fund&#8217;s financial statements, other than investments, consist of receivables and payables due in the near term.&#160; Fair value of those instruments approximates historical cost.</div>
      <div><br>
      </div>
      <div style="margin-left: 37.5pt;">Certain impacts from the COVID-19 outbreak may have a significant negative impact on the Fund's operations and performance. These circumstances may continue for an extended period of time, and may have an adverse
        impact on economic and market conditions. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual companies, are not known. The extent of the impact to the financial performance and
        the operations of the Fund will depend on future developments, which are highly uncertain and cannot be predicted.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zb9c784a20d814ffc9619bd2c59601ee8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 19.5pt; vertical-align: top; align: right; font-style: italic;">(3)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">Certain Service Providers Arrangements</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="margin-left: 36pt;"><font style="font-style: italic;">Investment advisor</font>&#8212;For its services under the Investment Advisory agreement, the investment advisor receives a monthly fee calculated at an annual rate of three-quarters of one
        percent (0.75%) of the weekly net asset value of the Fund, as long as the weekly net asset value is at least $3.8 million.&#160; The investment advisor is not entitled to any compensation for any week in which the average weekly net asset value falls
        below $3.8 million.&#160; Pursuant to the Investment Advisory Agreement, the investment advisor is required to provide certain internal administrative services to the Fund at the investment advisor&#8217;s expense.</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;">Effective June 1, 2007, following shareholder approval of the Investment Advisory Agreement, Sims Capital Management LLC (&#8220;SCM&#8221;) began serving as the Fund&#8217;s investment advisor.&#160; Pursuant to the Investment Advisory
        Agreement, SCM is responsible for the management of the Fund&#8217;s portfolio, subject to oversight by the Fund&#8217;s Board of Directors.&#160; Luke E. Sims, a Director, President and Chief Executive Officer of the Fund and owner of more than five percent of the
        Fund's outstanding shares, owns 50% of SCM.&#160;&#160; David C. Sims, the Chief Financial Officer, Chief Compliance Officer, Secretary, Treasurer, and Director of the Fund and the son of Luke E. Sims, owns the remaining 50% of SCM.</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;"><font style="font-style: italic;">Custodian</font>&#8212;US Bancorp serves as the Fund&#8217;s custodian pursuant to a custodian agreement. As the Fund&#8217;s custodian, US Bancorp receives fees and compensation of expenses for
        services provided including, but not limited to, an annual account charge and security transaction fees.</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;"><font style="font-style: italic;">Transfer Agent</font>&#8212; American Stock Transfer &amp; Trust Company (&#8220;AST&#8221;) serves as the Fund&#8217;s transfer agent and dividend disbursing agent.&#160;&#160; AST receives fees for services provided
        including, but not limited to, account maintenance fees, activity and transaction processing fees and reimbursement for its out-of-pocket expenses.&#160;&#160; AST also acts as the agent under the Fund&#8217;s Dividend Reinvestment and Cash Purchase Plan (&#8220;DRIP&#8221;).</div>
      <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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z37472c3c341742b4b08e25e632a1d1f8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 19.5pt; vertical-align: top; align: right; font-style: italic;">(4)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">Dividend Reinvestment and Cash Purchase Plan.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="margin-left: 36pt;">The Fund has a Dividend Reinvestment and Cash Purchase Plan which allows shareholders to reinvest cash dividends and make cash contributions.&#160; Pursuant to the terms of the DRIP, cash dividends may be used by the DRIP
        agent to either purchase shares from the Fund or in the open market, depending on the most favorable pricing available to DRIP participants.&#160; Voluntary cash contributions from DRIP participants are used to purchase Fund shares in the open market.&#160;
        A complete copy of the DRIP is available on the Fund&#8217;s website (www.eaglecapitalgrowthfund.com) or from AST, the DRIP agent.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z5b5e5382fd444963854f211298f283f6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 19.5pt; vertical-align: top; align: right; font-style: italic;">(5)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">Distributions to Shareholders</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="margin-left: 36pt; color: #000000;">Distributions to shareholders from the Fund&#8217;s net investment income and realized net long- and short-term capital gains will be declared and distributed at least annually.&#160; The amount and timing of
        distributions are determined in accordance with federal income tax regulations.</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt; color: #000000;">On November 23, 2020, a distribution of $0.55 per share aggregating $2,240,877 was declared from net investment income and net realized long-term capital gains. The dividend was paid on December 22,
        2020, to shareholders of record on December 4, 2020. The tax character of distributions paid during 2019 and 2020 was as follows:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="zc615065526484a838dab99be31f0e700">

          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 66%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="color: rgb(0, 0, 0); text-align: center;"> 2019</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="color: rgb(0, 0, 0); text-align: center;">2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 66%;">
              <div style="color: #000000;">Distributions paid from:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 66%; background-color: rgb(204, 238, 255);">
              <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 18pt;">Net investment income:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000;">288,206</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000;">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="color: #000000;">262,295</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 66%;">
              <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 18pt;">Net realized long-term capital gains:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000;">1,891,710</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: #000000;">1,978,582</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="margin-left: 36pt; color: #000000;">In 2019, the distribution was paid in shares of the Fund, with the option for shareholders to elect to receive cash.&#160; As a result of the distribution, 181,614 shares were issued to shareholders and
        $803,282 in cash was paid to shareholders.&#160; The Fund issued shares at $7.58 per share.&#160; The 2019 issuance price was determined as the arithmetic average of the closing market price on December 9<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, 11<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, and
        12<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>, as detailed in the Notice to Shareholders.</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt; color: #000000;">In 2020, the distribution was paid in cash.&#160; Participants of the Fund&#8217;s DRIP received shares purchased in the market at an average price of $7.83.</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt; color: #000000;">For more information about the Fund&#8217;s tax information, please refer to Note 2, Federal income taxes.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="za79caeffec224437a0dee04daa8d1f3a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 19.5pt; vertical-align: top; align: right; font-style: italic;">(6)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">Fund Investment Transactions</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="margin-left: 36pt;">Purchases and sales of securities, other than short-term securities, for the twelve-month period ended December 31, 2020, were $6,669,344 and $7,277,658, respectively.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z2b59af09a79844a3a2976fcb877585b7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 19.5pt; vertical-align: top; align: right; font-style: italic;">(7)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">Financial Highlights.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="margin-left: 36pt;">The Financial Highlights present a per share analysis of how the Fund&#8217;s net asset value has changed during the periods presented.&#160; Additional quantitative measures expressed in ratio form analyze important
        relationships between certain items presented in the financial statements.&#160; The total investment return based on market value assumes that shareholders bought into the Fund at the bid price and sold out of the Fund at the bid price.&#160; In reality,
        shareholders buy into the Fund at the asked price and sell out of the Fund at the bid price.&#160; Therefore, actual returns may differ from the amounts shown.</div>
      <div style="margin-left: 36pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>
        <div style="text-align: center; color: #000000; font-weight: bold;">Report of Independent Registered Public Accounting Firm</div>
        <div>&#160;</div>
      </div>
      <div>
        <div></div>
        <div style="color: #000000;">To the Shareholders and Board of Directors</div>
        <div>&#160;</div>
        <div style="color: #000000;">Eagle Capital Growth Fund, Inc.</div>
        <div>&#160;</div>
        <div style="color: #000000;">Opinion on the Financial Statements</div>
        <div>&#160;</div>
        <div>We have audited the accompanying statement of assets, liabilities, and shareholders&#8217; equity and the portfolio of investments, of Eagle Capital Growth Fund, Inc. (the &#8220;Company&#8221;) as of December 31, 2020 and the related statement of operations,
          and the related notes to the financial statements for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then
          ended. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2020; and the results of its operations for the two years in the period then
          ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America. </div>
        <div>&#160;</div>
        <div></div>
        <div style="color: #000000;">Basis for Opinion</div>
        <div>&#160;</div>
        <div></div>
        <div>The Company's management is responsible for these financial statements. Our responsibility is to express an opinion on the Company&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company
          Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
          Commission and the PCAOB. </div>
        <div>&#160;</div>
        <div>We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether
          due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over
          financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. </div>
        <div>&#160;</div>
        <div style="color: #000000;">Accordingly, we express no such opinion.</div>
        <div>&#160;</div>
        <div></div>
        <div style="color: #000000;">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures
          included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as
          evaluating the overall presentation of the financial statements.</div>
        <div><br>
        </div>
        <div style="color: #000000;">Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.</div>
        <div>&#160;</div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="z48642b04788c4a04bc04cc375371d824">

              <tr>
                <td style="width: 50.00%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 50%;">
                  <div style="color: rgb(0, 0, 0);">/s/ Plante &amp; Moran, PLLC</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>
        <div></div>
        <div>&#160;</div>
        <div style="color: #000000;">We have served as the Fund&#8217;s auditor since 2002.</div>
        <div>&#160;</div>
        <div style="color: #000000;">Auburn Hills, Michigan</div>
        <div style="color: #000000;">February 24, 2021</div>
        <div>&#160;</div>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Directors Who Are Interested Persons of the Fund and Officers</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="za072ea86ef1c42fcb7bcec455c6327b9" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 13.01%; 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;">Name,</div>
              <div style="text-align: center;">Address and</div>
              <div style="text-align: center;">Age</div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 13.59%; 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;">Position(s)</div>
              <div style="text-align: center;">Held with</div>
              <div style="text-align: center;">Fund</div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 13.01%; 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;">Term of</div>
              <div style="text-align: center;">Office and</div>
              <div style="text-align: center;">Length of<br>
                Time Served</div>
            </td>
            <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td style="width: 28%; 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;">Principal Occupation(s) During Past 5</div>
              <div style="text-align: center;">Years (in addition to positions held in<br>
                the 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: 13.01%; 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;">Number of</div>
              <div style="text-align: center;">Portfolios in</div>
              <div style="text-align: center;">Fund</div>
              <div style="text-align: center;">Complex</div>
              <div style="text-align: center;">Overseen by</div>
              <div style="text-align: center;">Director or</div>
              <div style="text-align: center;">Nominee for</div>
              <div style="text-align: center;">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);">&#160;</td>
            <td style="width: 13%; 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;">Other<br>
              </div>
              <div style="text-align: center;">Directorships</div>
              <div style="text-align: center;">Held by Director</div>
              <div style="text-align: center;">or Nominee for</div>
              <div style="text-align: center;">Director</div>
              <div style="text-align: center;">(Public</div>
              <div style="text-align: center;">Companies)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td style="width: 13.01%; 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.&#160; Sims*, age 39</div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td style="width: 13.59%; 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>VP, CFO, CCO,</div>
              <div>Treasurer, Secretary, and Director</div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td style="width: 13.01%; 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>Term of office expires 2021 (Class II); nominee for director.&#160; Served as a director since 2015.</div>
            </td>
            <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td style="width: 28%; 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>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 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: 13.01%; 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>One</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: 13%; 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>None</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 13.01%; 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>Luke E. Sims**, age 71</div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 13.59%; 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>President, CEO and Director</div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 13.01%; 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>Term of office expires 2022 (Class III). Served as a director since 2002.</div>
            </td>
            <td style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
            <td style="width: 28%; 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>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 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: 13.01%; 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>One</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: 13%; 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>None</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>*The address of Mr. David Sims is the address of the principal executive office of the Fund.&#160; David C. Sims is an Interested Person within the meaning of Section 2(a) (19) of the Investment Company Act of 1940 because he is the Chief Financial
        Officer, Chief Compliance Officer, Treasurer, and Secretary of the Fund, and he is affiliated with the Fund&#8217;s investment advisor, Sims Capital Management LLC (the &#8220;Advisor&#8221; or &#8220;SCM&#8221;).&#160; David C. Sims is the son of Luke E. Sims, the President, Chief
        Executive Officer, and a Director of the Fund.</div>
      <div><br>
      </div>
      <div>**The address of Mr. Luke Sims is the address of the principal executive office of the Fund.&#160; Luke E. Sims is an Interested Person within the meaning of Section 2(a) (19) of the Investment Company Act of 1940 because he is the President and
        Chief Executive Officer of the Fund, beneficially owns in excess of five percent (5%) of the Fund&#8217;s outstanding shares of common stock, and he is affiliated with the Fund&#8217;s investment advisor, Sims Capital Management LLC (the &#8220;Advisor&#8221; or &#8220;SCM&#8221;).&#160;
        Luke E. Sims is the father of David C. Sims, the Chief Financial Officer, Chief Compliance Officer, Secretary, Treasurer, and a Director of the Fund.</div>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; font-weight: bold;">Directors Who Are Not Interested Persons</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z6084501d3c2143af91534894e9ed5287" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <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: 13.01%; 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;">Name, Address</div>
              <div style="text-align: center;">and Age*</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: 13.59%; 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;">Position(s)</div>
              <div style="text-align: center;">Held with</div>
              <div style="text-align: center;">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); padding-bottom: 2px;">&#160;</td>
            <td style="width: 13.01%; 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;">Term of Office</div>
              <div style="text-align: center;">and Length of</div>
              <div style="text-align: center;">Time Served</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: 28%; 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;">Principal Occupation(s) During Past</div>
              <div style="text-align: center;">Five Years</div>
            </td>
            <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); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 13.01%; 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;">Number of</div>
              <div style="text-align: center;">Portfolios in Fund<br>
              </div>
              <div style="text-align: center;">Complex Overseen</div>
              <div style="text-align: center;">by Director or</div>
              <div style="text-align: center;">Nominee for</div>
              <div style="text-align: center;">Director</div>
            </td>
            <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); 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); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">Other Directorships</div>
              <div style="text-align: center;">Held by Director or</div>
              <div style="text-align: center;">Nominee for</div>
              <div style="text-align: center;">Director</div>
              <div style="text-align: center;">(Public</div>
              <div style="text-align: center;">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: 13.01%; 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.,&#160;&#160; age 60</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: 13.59%; 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>Chairman; 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); padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 13.01%; 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>Term of office expires 2023 (Class I).&#160; Served as a director since 2006.</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: 28%; 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>President and Chief Executive Officer of Sigma Investment Counselors, Inc. (a registered investment advisor) since 1987; member of the Better Investing Securities Review Committee and of the Better Investing Editorial Advisory Committee
                (non-remunerative).</div>
            </td>
            <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); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 13.01%; 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>One</div>
            </td>
            <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); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 13%; vertical-align: top; border-top: 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(204, 238, 255);">
              <div>None</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);">&#160;</td>
            <td style="width: 13.01%; 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>Phillip J. Hanrahan,&#160; &#160; age 81</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: 13.59%; 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>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); padding-bottom: 2px;">&#160;</td>
            <td style="width: 13.01%; 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>Term of office expires 2023 (Class I).&#160; Served as a director since 2008.</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: 28%; 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>Retired partner of Foley &amp; Lardner LLP (law firm) since February 2007 and, prior thereto, active partner of that firm since 1973.</div>
            </td>
            <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); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 13.01%; 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>One</div>
            </td>
            <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); 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); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>None</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: 13.01%; 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,</div>
              <div>age 88</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: 13.59%; 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>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); padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 13.01%; 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>Term of office expires 2021 (Class II); nominee for director.&#160; Served as a director since 1989.</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: 28%; 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>Retired.</div>
            </td>
            <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); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 13.01%; 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>One</div>
            </td>
            <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); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 13%; vertical-align: top; border-top: 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(204, 238, 255);">
              <div>None</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);">&#160;</td>
            <td style="width: 13.01%; 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>Peggy L. Schmeltz,</div>
              <div>age 93</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: 13.59%; 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>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); padding-bottom: 2px;">&#160;</td>
            <td style="width: 13.01%; 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>Term of office expires 2021 (Class II). Served as a director since 1989.</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: 28%; 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>Retired; Former Trustee of Better Investing.</div>
            </td>
            <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); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 13.01%; 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>One</div>
            </td>
            <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); 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); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>None</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: 13.01%; 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,</div>
              <div>age 68</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: 13.59%; 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>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); padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 13.01%; 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>Term of office expires 2022 (Class III). Served as a director since 2010.</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: 28%; 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>Retired. Director of Administrative Services, County of Milwaukee, 2012 to 2014.&#160; Retired Interim President &amp; Executive Director, Milwaukee Symphony Orchestra 2010; Vice President of Investment Products and Services, Northwestern
                Mutual, 2003-2010.</div>
            </td>
            <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); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 13.01%; 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>One</div>
            </td>
            <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); border-left: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 13%; vertical-align: top; border-top: 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(204, 238, 255);">
              <div>None</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);">&#160;</td>
            <td style="width: 13.01%; 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>Neal F. Zalenko,&#160; &#160; &#160; age 75</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: 13.59%; 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>&#160;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);">&#160;</td>
            <td style="width: 13.01%; 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>Term of office expires 2022 (Class III). Served as a director since 2008.</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: 28%; 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>Retired; Founder and Managing partner of Zalenko &amp; Associates, P.C. (accounting firm), that merged with Baker Tilly in early 2005.</div>
            </td>
            <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 style="width: 13.01%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>One</div>
            </td>
            <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); 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); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>None</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>*The address of each is the address of the principal executive office of the Fund.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Compensation.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The following tables identify the aggregate compensation paid to all directors and nominees in 2020.&#160; Directors&#8217; fees are only payable to directors who are not officers of the Fund or affiliated with the Advisor.&#160; For
        2020, 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 2021.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Luke E. Sims and David C. Sims, who are deemed to be Interested Persons of the Fund, are not entitled to receive directors&#8217; fees from the Fund.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">No Fund officer receives compensation in his capacity as an officer of the Fund.&#160; Fund officers are: Luke E. Sims, President and Chief Executive Officer; and David C. Sims, Chief Financial Officer, Chief Compliance
        Officer, Treasurer, Secretary and Director.&#160; Robert M. Bilkie, Jr. is the Fund&#8217;s Chairman, which is not an executive officer position.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Sims Capital Management LLC (&#8220;SCM&#8221;), the investment advisor for the Fund, was paid $267,912 by the Fund in 2020.&#160; SCM is 50% owned by Luke E. Sims, the President, CEO and a Director of the Fund, as well as an owner of
        more than five percent of the Fund&#8217;s outstanding shares.&#160; David C. Sims, the Fund&#8217;s Vice-President, Chief Financial Officer, Chief Compliance Officer, Treasurer, Secretary and Director, owns the remaining 50% of SCM.</div>
      <div><br>
      </div>
      <div>Directors who are Interested Persons of the Fund:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z3c09e922f2dc4950b8dae5de93d330fb" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 24.58%; vertical-align: top; text-align: center;">
              <div>Name, Position</div>
            </td>
            <td style="width: 15.49%; vertical-align: top; text-align: center;">
              <div>Aggregate</div>
              <div>Compensation</div>
              <div>From Fund</div>
            </td>
            <td style="width: 19.98%; vertical-align: top; text-align: center;">
              <div>Pension or Retirement</div>
              <div>Benefits Accrued as</div>
              <div>part of Fund</div>
              <div>Expenses</div>
            </td>
            <td style="width: 19.99%; vertical-align: top; text-align: center;">
              <div>Estimated</div>
              <div>Annual</div>
              <div>Benefits upon</div>
              <div>Retirement</div>
            </td>
            <td style="width: 19.96%; vertical-align: top; text-align: center;">
              <div>Total</div>
              <div>Compensation</div>
              <div>from Fund and</div>
              <div>Complex paid</div>
              <div>to Directors</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.58%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 15.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 19.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 19.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 19.96%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 24.58%; vertical-align: top;"><br>
            </td>
            <td style="width: 15.49%; vertical-align: top;">&#160;</td>
            <td style="width: 19.98%; vertical-align: top;">&#160;</td>
            <td style="width: 19.99%; vertical-align: top;">&#160;</td>
            <td style="width: 19.96%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 24.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>
                <div>David C. Sims,</div>
                <div>VP, CFO, CCO,</div>
                <div>Treasurer, Secretary,</div>
                and Director</div>
            </td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 19.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 19.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 19.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24.58%; vertical-align: top;">&#160;</td>
            <td style="width: 15.49%; vertical-align: bottom;">&#160;</td>
            <td style="width: 19.98%; vertical-align: bottom;">&#160;</td>
            <td style="width: 19.99%; vertical-align: bottom;">&#160;</td>
            <td style="width: 19.96%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 24.58%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>
                <div>Luke E. Sims,</div>
                <div>Director, President,</div>
                CEO</div>
            </td>
            <td style="width: 15.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 19.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 19.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 19.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>Directors who are not Interested Persons of the Fund:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="ze3950d81d9ba47738263c8a1ad4ad1f8" 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: 20.01%; vertical-align: top; text-align: center;">
              <div>Name, Position</div>
            </td>
            <td style="width: 20%; vertical-align: top; text-align: center;">
              <div>Aggregate</div>
              <div>Compensation</div>
              <div>From Fund</div>
            </td>
            <td style="width: 20%; vertical-align: top; text-align: center;">
              <div>Pension or Retirement</div>
              <div>Benefits Accrued as</div>
              <div>part of Fund</div>
              <div>Expenses</div>
            </td>
            <td style="width: 20%; vertical-align: top; text-align: center;">
              <div>Estimated</div>
              <div>Annual</div>
              <div>Benefits upon</div>
              <div>Retirement</div>
            </td>
            <td style="width: 20%; vertical-align: top; text-align: center;">
              <div style="text-indent: -72pt; margin-left: 72pt;">Total</div>
              <div style="text-indent: -72pt; margin-left: 72pt;">Compensation</div>
              <div style="text-indent: -72pt; margin-left: 72pt;">from Fund and</div>
              <div style="text-indent: -72pt; margin-left: 72pt;">Complex paid</div>
              <div style="text-indent: -72pt; margin-left: 72pt;">to Directors</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 20.01%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" style="width: 20%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" style="width: 20%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" style="width: 20%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td rowspan="1" style="width: 20%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20.01%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20.01%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>
                <div>Robert M. Bilkie, Jr.,</div>
                Director</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>$11,000</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>$11,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20.01%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20.01%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>
                <div>Phillip J. Hanrahan,</div>
                Director</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>$12,000</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>$12,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20.01%; vertical-align: top;"><br>
            </td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20.01%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>
                <div>Carl A. Holth,</div>
                Director</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>$12,000</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>$12,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20.01%; vertical-align: top;"><br>
            </td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20.01%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>
                <div>Peggy L. Schmeltz,</div>
                Director</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>$11,000</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>$11,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20.01%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20.01%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>
                <div>Donald G. Tyler,</div>
                Director</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>$12,000</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>$12,000</div>
            </td>
          </tr>
          <tr>
            <td style="width: 20.01%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
            <td style="width: 20%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 20.01%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>
                <div>Neal F. Zalenko,</div>
                Director</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>$12,500</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>None</div>
            </td>
            <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div>$12,500</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>Board of Directors</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="zcffb654abd16440f956d1ca6f8e551d0" 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: 33.33%; vertical-align: top;">
              <div>
                <div>Robert M. Bilkie, Jr.</div>
                Chairman of the Board<br>
                Northville, MI</div>
            </td>
            <td style="width: 34%; vertical-align: top;">
              <div>
                <div>Carl A. Holth</div>
              </div>
              <div>Director</div>
              <div>Dearborn, MI</div>
            </td>
            <td style="width: 33.33%; vertical-align: top;">
              <div>
                <div>Phillip J. Hanrahan</div>
                Director</div>
              <div>Whitefish Bay, WI</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z80813e63881e4931a8693942ec2fb550" 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: 33.33%; vertical-align: top;">
              <div>
                <div>Peggy L. Schmeltz</div>
              </div>
              <div>Director</div>
              <div>Bowling Green, OH</div>
            </td>
            <td style="width: 34%; vertical-align: top;">
              <div>
                <div>Luke E. Sims</div>
              </div>
              <div>President &amp; CEO</div>
              <div>Milwaukee, WI</div>
            </td>
            <td style="width: 33.32%; vertical-align: top;">
              <div>
                <div>David C. Sims</div>
                VP, Treasurer, CFO, CCO</div>
              <div>Secretary &amp; Director</div>
              <div>
                <div>Milwaukee, WI</div>
              </div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z9c6a5372f7cb4eb194c274b711d68abe" 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: 33%; vertical-align: top;">
              <div>
                <div>Donald G. Tyler</div>
                Director</div>
              <div>Shorewood, WI</div>
            </td>
            <td style="width: 67%; vertical-align: top;">
              <div>
                <div>Neal F. Zalenko</div>
                Director</div>
              <div>Birmingham, MI</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">EAGLE CAPITAL GROWTH FUND, INC. (&#8220;Fund&#8221;)</div>
      <div style="text-align: center; font-weight: bold;">DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN (&#8220;Plan&#8221;)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">ADVANTAGE OF THE PLAN</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Participants in the Plan have the ability to have cash dividends from the Fund reinvested in additional Fund shares.&#160; Participants may also make cash contributions to the Plan to acquire additional Fund shares.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">JOINING THE PLAN</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">You can enroll in the Plan by going to www.amstock.com or calling American Stock Transfer &amp; Trust Company (the&#160;&#8220;Plan Agent&#8221;) at 877-739-9994. Plan information is also available at the Fund&#8217;s website at
        www.eaglecapitalgrowthfund.com/drip.html.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">COSTS OF PARTICIPATION IN THE PLAN</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">You are not charged any fee or expense for enrolling in the Plan.&#160; Shareholders depositing certificated shares are charged a fee of $7.50.&#160; Sales of shares incur a sales commission of $15.00, plus $0.10 per share.&#160; In
        the event a shareholder sends in a check to buy more shares and the check is returned, a $35.00 charge will apply.&#160; Fees may change from time to time; please contact AST for information about current fees.</div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-weight: bold;">REINVESTMENT</font>&#160;<font style="font-weight: bold;">OF FUND DISTRIBUTIONS</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">If the Fund pays a distribution in Fund shares, Participants&#8217; accounts under the Plan will be credited with newly-issued Fund shares at the distribution price, which is the price described in the distribution notice to
        shareholders.&#160; These shares will be held by the Plan Agent pursuant to the Plan.</div>
      <div><br>
      </div>
      <div>The Fund may pay distributions in cash.&#160; In the event that the Fund makes a cash distribution, the Plan will first seek to buy shares on the open market up to and including the most recent net asset value (&#8220;NAV&#8221;) of each Fund share.&#160; The NAV of
        each Fund share shall be calculated within forty-eight hours of the distribution, excluding Sundays and holidays.&#160; Should the market price rise to or above the calculated NAV per share, the Fund may issue new shares to the Plan at the greater of
        NAV per share or 95% of the market price.&#160; For purposes of the Plan, the market price is the most recently traded price of a Fund share on the NYSE American Exchange.&#160; The reinvestment of cash distributions will occur as soon as practicable, and in
        no case later than 30 days after the Plan Agent&#8217;s receipt of the cash distributions, except where necessary to comply with federal securities laws.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">In the event that the open market purchases take more than one day, the Fund will recalculate the NAV on a daily basis.&#160; Such recalculated NAV will be used to determine whether the market price per share has risen to
        or above the calculated NAV per share.&#160; If the Plan Agent terminates open market purchases based on the recalculated NAV and the Fund issues new shares to the Plan at the greater of NAV per share or 95% of the market price, the number of shares
        received by the participant in respect of the cash dividend or distribution will be based on the weighted average of prices paid for shares purchased in the open market and the price at which the Fund issues remaining shares.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">VOLUNTARY CASH PAYMENTS</div>
      <div><br>
      </div>
      <div>Plan participants may make voluntary cash payments of not less than $50 per month (but in any event not more than $250,000 in any year) for the purpose of acquiring additional Fund shares.&#160; </div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Voluntary cash payments received by the Plan Agent on or prior to the last day of any month will be invested beginning on or about the first (1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) business day of the following month (the &#8220;Investment
        Date&#8221;).&#160; The Plan will purchase Fund shares in the open market.&#160; If the Plan Agent has not completed its open market purchase of Fund shares within thirty (30) days of the Investment Date, then the balance of such voluntary cash payments will be
        returned to participants on a pro rata basis. &#160; All cash received by the Plan Agent in connection with the Plan will be held without earning interest or income.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Optional cash payments may be made online at <font style="font-weight: bold;">www.amstock.com</font><font style="font-weight: bold;">. </font>&#160;&#160; You will need to know your 10-digit Plan account number to access your
        account.&#160; The Fund recommends that participants making voluntary cash payments send their cash payments so that they reach the Plan Agent as close as possible but prior to the Investment Date.&#160; A participant should be aware of possible delays in
        the mail if payment is to be made in that manner.&#160; Accordingly, it is recommended that a participant mail the voluntary cash payment no later than ten days prior to an Investment Date, or make cash payments online.</div>
      <div><br>
      </div>
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      <div style="text-align: center; text-indent: 9pt; font-weight: bold;">HOLDING OF SHARES</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">For your convenience, AST will hold in safekeeping all Fund shares you own by reason of your participation in the Plan.&#160;&#160; Upon your request (whether online at <font style="font-weight: bold;">www.amstock.com</font><font style="font-weight: bold;">,</font> by mail, or telephonically to the Plan Agent at (877) 739-9994), AST will send you a physical stock certificate representing a specified number of whole shares acquired or held the Plan in your account.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The Plan Agent will allow you to deposit with it for safekeeping under the Plan any additional stock certificates for Fund shares that you may hold.&#160;&#160; Such shares, once deposited, will be retained in &#8220;book-entry&#8221; form
        under the Plan.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">STATEMENT OF ACCOUNT</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">At least annually, a detailed statement of transactions in your Plan account for each calendar year will be sent to you by the Plan Agent.&#160;&#160; You may also access your account information online at <font style="font-weight: bold;">www.amstock.com</font>.&#160; You will also receive the customary Internal Revenue Service Form 1099 to report taxable income as a result of Fund distributions with respect to Fund shares held in your Plan account.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">FEDERAL INCOME TAX CONSIDERATIONS</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">You should consult your accountant or tax advisor with respect to the Federal and/or other tax consequences resulting from participating in the Plan.&#160; However, as a general rule, participants are taxed on Fund
        distributions, whether those distributions are paid directly in additional Fund shares, or are in cash (whether such cash is used to purchase additional Fund shares in the open market or otherwise).</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">SHAREHOLDERS&#8217; RIGHTS</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Plan participants enjoy the same rights as Fund shareholders generally with respect to Fund shares held in the Plan, including, without limitation, rights with respect to stock dividends, stock splits, and voting
        rights.&#160; In the event of a major corporate event affecting the Fund, such as a stock split or a stock dividend, the resulting Fund shares will be properly credited to your Plan account. In the event that a Plan participant holds shares in both a
        Plan account and individually in his or her own name, any Fund shares resulting from a major corporate event affecting the Fund will be distributed to the Plan account and the participant individually on a pro rata basis.&#160; AST reserves the right to
        delay, curtail or suspend any action otherwise required of it under the Plan during the pendency of any major corporate action affecting the Fund.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">ADDITIONAL INFORMATION</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">If you have any questions regarding participation in the Plan, please visit the Plan Agent online at <font style="font-weight: bold;">www.amstock.com</font>, call&#160;the Plan Agent at (877) 739-9994, or write the Plan
        Agent at:</div>
      <div><br>
      </div>
      <div>
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                <div>&#160;</div>
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              <td style="width: 90%;">
                <div>
                  <div>American Stock Transfer &amp; Trust Company</div>
                  <div>DRP Plan</div>
                  <div>P. O. Box 922, Wall Street Station</div>
                  <div>New York, NY&#160;&#160; 10269-0560</div>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
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      </div>
      <div style="text-align: center; font-weight: bold;">ADDITIONAL TERMS AND CONDITIONS OF PARTICIPATION IN THE EAGLE CAPITAL GROWTH FUND, INC. DIVIDEND REINVESTMENT AND CASH PAYMENT PLAN</div>
      <div><br>
      </div>
      <div>1.&#160; By enrolling in the Plan, all of the participant&#8217;s cash distributions from the Fund and/or voluntary cash payments will be reinvested in additional Fund shares.</div>
      <div style="text-indent: 36pt;"><br>
      </div>
      <div style="text-indent: 36pt;">If the Fund declares a distribution in Fund shares but includes a provision allowing shareholders to elect to receive cash in lieu of Fund shares, the Plan Agent will receive the distribution in Fund shares on behalf
        of each Plan participant with respect to the Fund shares the participant holds through the Plan, provided that if you (as a Plan participant) desire to elect to receive cash in lieu of Fund shares, you must promptly terminate your participation in
        the Plan in accordance with paragraph 5 below.&#160; You must also notify the Fund in writing of your election to receive cash.&#160; Such written notice to the Plan and to the Fund must be received at least three business days prior to the cut-off election
        date in order to be effective prior to the receipt of the declared dividend. If a Plan participant beneficially owns Fund shares outside of the Plan and desires to elect to receive cash in lieu of Fund shares, the participant must individually make
        this election.</div>
      <div><br>
      </div>
      <div style="font-style: normal;">2.&#160; The Plan Agent may commingle participant funds in connection with the receipt of cash distributions from the Fund, and from voluntary cash payments from participants.&#160;&#160; The Plan Agent will allocate purchased Fund
        shares among participant accounts based upon the average price paid (net of any costs).</div>
      <div><br>
      </div>
      <div>3.&#160; The Plan Agent shall hold shares for participants in its own name or in the name of its nominee.&#160; The Plan Agent will acquire Fund shares in the open market at such price or prices then reasonably available to it. &#160; Participants understand
        that from time to time Fund shares may not be available for purchase, or may not be available for purchase at a reasonable price.&#160; Moreover, any temporary or continued closing of the securities trading generally might require the temporary
        curtailment or suspension of the Plan Agent&#8217;s efforts to purchase Fund shares.&#160; The Plan Agent is not responsible or liable for, and shall not be accountable for, any inability on such its part to purchase Fund shares.</div>
      <div><br>
      </div>
      <div>4. &#160; With respect to the voting of Fund shares held in the Plan, the Plan Agent will provide participants with proxy solicitation materials and request their direction.&#160; If a participant does not direct the Plan Agent as to the manner of voting,
        the Plan Agent will not vote such participant&#8217;s shares.</div>
      <div><br>
      </div>
      <div>5.&#160; Plan participation may be terminated upon request to the Plan Agent. A participant may terminate by providing written notice to the Plan Agent (the tear-off section at the bottom of participant&#8217;s account statement is available for this
        purpose). Such written notice must be signed by all persons who are listed on the Plan account.&#160;&#160; If a request is received fewer than three business days prior to the cut-off election date in the case of a share distribution, or three days prior to
        the ex-dividend date in the case of a cash dividend, then the termination will begin after the receipt of Fund shares or reinvestment of the declared dividend, as applicable.&#160; The Plan Agent will send to a participant who has terminated
        participation in the Plan a certificate(s) representing the number of full shares held by the Plan Agent in such participant&#8217;s account under the Plan.&#160; In case of termination, a participant&#8217;s interest in a fractional share will be converted to, and
        remitted in cash, in an amount based upon the then current market value of the share (less service fees).&#160;&#160; <font style="font-weight: bold;">However, the foregoing does not apply to voluntary cash payments held for investment </font><font style="font-weight: bold;">on</font><font style="font-weight: bold;"> the </font><font style="font-weight: bold;">Investment Date</font><font style="font-weight: bold;"> as a result of voluntary cash payments</font><font style="font-weight: bold;">.&#160; A participant may request the return of any voluntary cash payment, if the participant makes a separate written request which is received by the Plan Agent at </font><font style="font-weight: bold;">the address above at </font><font style="font-weight: bold;">least forty-eight (48) hours prior to the time when such voluntary cash payment is scheduled to be invested.</font>&#160; If a participant so requests, the Plan Agent may sell a terminating participant&#8217;s shares and remit the
        proceeds (less related brokerage commissions and service fees).</div>
      <div><br>
      </div>
      <div>6.&#160; The Plan Agent shall not be liable for any action taken in good faith or for any good faith failure to act, including without limitation, any claim of liability (a) arising out of a failure to terminate the participant&#8217;s account upon the
        participant&#8217;s death, prior to receipt of notice in writing of such death and submission of documentation, by the personal representative of the deceased participant, in form and substance satisfactory to the Plan Agent and (b) with respect to the
        price or prices at which Fund shares are purchased or sold for a participant&#8217;s account and/or the timing of such purchases and/or sales.</div>
      <div><br>
      </div>
      <div>7.&#160; The Fund reserves the right to amend or terminate the Plan effective upon thirty (30) days written notice (from the date of mailing) to all Plan participants. &#160; All inquiries with respect to the Plan should be directed to the Plan Agent at
        the addresses and phone numbers identified in the Plan.</div>
      <div><br>
      </div>
      <div>8.&#160; The Plan shall be governed by, and construed in accordance with, the internal laws of the State of Wisconsin.</div>
      <div><br>
      </div>
      <div>9.&#160; The Plan has been last amended and revised as of February 15, 2018.</div>
      <div> <br>
      </div>
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      </div>
      <div style="font-weight: bold;">Shareholder Information</div>
      <div><br>
      </div>
      <div><font style="font-style: italic;">Trading.</font>&#160;&#160; Fund shares trade under the symbol GRF on the NYSE American exchange.&#160; The Fund has opted into the Maryland Control Share Acquisition Act.</div>
      <div><br>
      </div>
      <div><font style="font-style: italic;">Fund Stock Repurchases.</font>&#160;&#160; The Fund is authorized to repurchase its shares in the open market, in private transactions or otherwise, at a price or prices reasonably related to the then prevailing market
        price.&#160; The Fund has authorized repurchases up to 100,000 shares.</div>
      <div><br>
      </div>
      <div><font style="font-style: italic;">Dividend Reinvestment and Cash Purchase Plan.</font>&#160;&#160; By participating in the Fund&#8217;s Dividend Reinvestment and Cash Purchase Plan (&#8220;Plan&#8221;), you can automatically reinvest your cash dividends in additional Fund
        shares without paying brokerage commissions.&#160;&#160; A copy of the plan is included earlier in the Annual Report.</div>
      <div>Alternatively, you can secure a copy of the Plan from the Fund&#8217;s website (www.eaglecapitalgrowthfund.com) or by contacting American Stock Transfer &amp; Trust Company LLC, 6201 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Avenue, Brooklyn, NY 11219, telephone number (877)
        739-9994.</div>
      <div><br>
      </div>
      <div><font style="font-style: italic;">Dividend Checks/Stock Certificates/Address Changes/Etc</font>.&#160;&#160; If you have a question about lost or misplaced dividend checks or stock certificates, have an address change to report, or have a comparable
        shareholder issue or question, please contact the Fund&#8217;s transfer agent, American Stock Transfer &amp; Trust Company LLC, 6201 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Avenue, Brooklyn, NY 11219, telephone number (877) 739-9994.</div>
      <div><br>
      </div>
      <div><font style="font-style: italic;">Proxy Voting.</font>&#160;&#160; The Fund typically votes by proxy the shares of portfolio companies.&#160;&#160; If you&#8217;d like information about the policies and procedures that the Fund follows in voting, or how the Fund has
        voted on a particular issue or matter during the most recent 12-month period ended June 30, you can get that information (Form N-PX) from the SEC&#8217;s website (www.sec.gov) or the Fund&#8217;s website (www.eaglecapitalgrowthfund.com), or by calling the Fund
        at (414) 765-1107 (collect) or by sending an e-mail request (to dave@simscapital.com).</div>
      <div><br>
      </div>
      <div style="font-style: italic; font-weight: bold;">Fund Privacy Policy/Customer Privacy Notice (January 1, 2021).&#160;&#160; We collect nonpublic personal information about you from the following sources:&#160; (i) information we receive from you on applications
        or other forms and (ii) information about your transactions with us or others.&#160;&#160; We do not disclose any nonpublic personal information about you to anyone, except as permitted by law, and as follows.&#160;&#160; We may disclose all of the information we
        collect, as described above, to companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements.&#160;&#160; If you decide to close your account(s) or no longer be a shareholder of
        record, we will adhere to the privacy policies and practices as described in this notice.&#160;&#160; We restrict access to your personal and account information to those employees who need to know that information to provide services to you.&#160; We maintain
        physical, electronic, and procedural safeguards to guard your nonpublic personal information.&#160; In this notice, the term &#8220;we&#8221; refers to the Fund, Eagle Capital Growth Fund, Inc.</div>
      <div><br>
      </div>
      <div><font style="font-style: italic;">Additional Information.</font>&#160;&#160; The Fund files a complete schedule of its portfolio holdings monthly with the Securities and Exchange Commission (SEC) on Form N-PORT, with the first and third calendar quarter
        available to the investing public generally.&#160;&#160; You can obtain copies of these public filings, and other information about the Fund, from the SEC's website (www.sec.gov), from the Fund's website (www.eaglecapitalgrowthfund.com), or by calling the
        Fund at (414) 765-1107.&#160;&#160; The Fund's public forms can be reviewed and copied at the SEC's Public Reference Room in Washington, D.C., and you can obtain information about the operation of the SEC's Public Reference Room by calling the SEC at (800)
        732-0330.</div>
      <div><br>
      </div>
      <div><font style="font-style: italic;">Approval of Renewal of Investment Advisory Agreement.</font>&#160; At its December 7, 2020 Board meeting, the Board of Directors approved the renewal of the Fund&#8217;s Investment Advisory Agreement with SCM (with
        Directors Luke E. Sims and David C. Sims abstaining).&#160; The Board previously received various information with respect to the proposed continuation of the investment advisory agreement with the Advisor, including a handout in the Board &#8220;book&#8221;
        materials which identified certain key issues for the Board to consider in evaluating Sims Capital Management LLC (&#8220;SCM&#8221;) as its Advisor.&#160; The Board reviewed these various factors in considering whether to retain the SCM as its investment advisor
        including, among other things, the nature, extent and quality of services provided by SCM, the cost of services provided by SCM (and benefits to be realized by SCM as a result of its relationship to the Fund), the economies of scale that may be
        realized as the Fund grows, whether the fee level reflects the economies of scale for the benefit of Fund investors, SCM&#8217;s investment philosophy, the Fund&#8217;s portfolio turnover, best execution and trading costs, personnel considerations, resources
        available to SCM, SCM&#8217;s ability to satisfy compliance obligations and other relevant factors.&#160; The Board regularly considers the various factors that are involved in such a decision.&#160; Overall, the Board understands and is satisfied with the
        investment philosophy and investment performance of the Advisor.&#160;&#160; Given the relatively small size of the Fund vis-&#224;-vis other closed-end and other mutual funds, the Advisor&#8217;s annual fee at 0.075% (75 basis points) of assets under management (AUM)
        is reasonable (and at the low end of the range for other investment advisors of actively-managed equity funds).&#160;&#160; There are few economies of scale to be realized by the Fund (as a closed-end fund), primarily because the Fund is required to make
        distributions to its shareholders of its net investment income and realized capital gains.&#160;&#160; Pursuant to this requirement, the Fund has declared and will pay out $2.2 Million to its shareholders at the end of December 2020, thereby reducing AUM
        from slightly over $40 Million to approximately $38 Million.&#160;&#160; The Fund&#8217;s compliance with law and reporting with respect to the Securities and Exchange Commission and other governmental authorities is fine.&#160;&#160; The Fund&#8217;s execution of transactions
        (including cost) and portfolio turnover are excellent, and clearly consistent with industry practice.&#160;&#160; As a general rule, the Board is satisfied with the Advisor&#8217;s personnel, including professional competence, conscientiousness, independence and
        overall communications.</div>
      <div><br>
      </div>
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      <div><font style="font-style: italic;">Electronic Distribution of Shareholder Reports and Other Communications.</font>&#160;&#160; If you&#8217;d like to receive copies of the Fund&#8217;s annual report, semiannual report, proxy statement, press releases and other
        comparable communications electronically, please provide your e-mail address to dave@simscapital.com.&#160; By providing your e-mail address to the Fund, you are consenting to the Fund sending the identified materials to you by e-mail.</div>
      <div><br>
      </div>
      <div><font style="font-style: italic;">General Inquiries.</font>&#160;&#160; If you have a question or comment on any matter not addressed above, please contact the Fund at: Eagle Capital Growth Fund, Inc., 225 East Mason Street, Suite 802, Milwaukee, WI
        53202-3657, telephone number (414) 765-1107, or the Fund&#8217;s investment advisor, Sims Capital Management LLC (dave@simscapital.com).</div>
      <div><br>
      </div>
      <div>ITEM 2.</div>
      <div>CODE OF ETHICS</div>
      <div><br>
      </div>
      <div>The Fund has adopted a Code of Ethics for Financial Professionals, which applies to the principal executive officer of the Fund, all professionals serving as principal financial officer, the principal account officer or controller, or persons
        performing similar functions, regardless of whether these individuals are employed by the Fund or a third party, and the members of the Fund&#8217;s Board of Directors. The Code of Ethics for Financial Professionals has been posted on the Fund&#8217;s website
        at www.eaglecapitalgrowthfund.com.</div>
      <div><br>
      </div>
      <div>ITEM 3.</div>
      <div>AUDIT COMMITTEE FINANCIAL EXPERT</div>
      <div><br>
      </div>
      <div>The Fund&#8217;s Board of Directors has determined that Neal F. Zalenko qualifies as a financial expert; and that Carl A. Holth, Donald G. Tyler, and Phillip J. Hanrahan also qualify as financial experts. Phillip J. Hanrahan, Carl A. Holth, Donald G.
        Tyler, and Neal F. Zalenko are independent, non-interested directors.</div>
      <div><br>
      </div>
      <div>ITEM 4.</div>
      <div>PRINCIPAL ACCOUNTANT FEES AND SERVICES</div>
      <div><br>
      </div>
      <div>Audit Fees.&#160; The Fund paid Plante &amp; Moran, PLLC $20,000 for the calendar year ended December 31, 2020, and $17,500 for the calendar year ended December 31, 2019, for audit fees.</div>
      <div><br>
      </div>
      <div>Audit-Related Fees.&#160; The Fund did not pay Plante &amp; Moran, PLLC any audit-related fees in either of the last two calendar years.</div>
      <div><br>
      </div>
      <div>Tax Fees.&#160; The Fund paid Plante &amp; Moran, PLLC $4,500 for the calendar year ended December 31, 2020, and $4,500 for the calendar year ended December 31, 2019, 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><br>
      </div>
      <div>All Other Fees.&#160; The Fund did not pay Plante &amp; Moran, PLLC any other amounts in either of the last two calendar years.</div>
      <div><br>
      </div>
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      <div>&#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><br>
      </div>
      <div>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 de minimis 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><br>
      </div>
      <div>ITEM 5.</div>
      <div>AUDIT COMMITTEE OF LISTED REGISTRANTS</div>
      <div><br>
      </div>
      <div>The Fund&#8217;s Board of Directors has separately-designed standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the committee are Neal F. Zalenko, Carl A. Holth, Donald G.
        Tyler, and Phillip J. Hanrahan.</div>
      <div><br>
      </div>
      <div>ITEM 6.</div>
      <div>SCHEDULE OF INVESTMENTS</div>
      <div><br>
      </div>
      <div>The Fund&#8217;s schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.</div>
      <div><br>
      </div>
      <div>ITEM 7.</div>
      <div>DISCLOSURE OF PROXY VOTING AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</div>
      <div><br>
      </div>
      <div>Sims Capital Management LLC, a Wisconsin limited liability company (the &#8220;Advisor&#8221;), is the investment advisor for the Fund. The Fund and the Advisor are parties to an Investment Advisory Agreement dated as of February 16, 2007 (the &#8220;Advisory
        Agreement&#8221;). The Fund is one of the Advisor&#8217;s two institutional advisory clients.</div>
      <div><br>
      </div>
      <div>The Advisor&#8217;s authority to vote the proxies of the Fund is established through the Investment Advisory Agreement. It has adopted the following policies and procedures:</div>
      <div><br>
      </div>
      <div>The Company will vote proxies for its clients and, therefore, will adhere to the following requirements:</div>
      <div><br>
      </div>
      <div>A.&#160; General Statement of Policy. Consistent with its duty of care the Company monitors proxy proposals just as it monitors other corporate events affecting the companies in which its clients invest.&#160;&#160; The Company votes securities subject to its
        control consistent with its analysis and judgment of each issue, regardless of whether such voting position is consistent with the approach proposed by the issuer&#8217;s board of directors or management.</div>
      <div><br>
      </div>
      <div>B.&#160; There may be instances where the interests of the Company may conflict or appear to conflict with the interests of its clients.&#160; For example, the Company may manage a pension plan of a company whose management is soliciting proxies and there
        may be a concern that the Company would vote in favor of management because of its relationship with the Company.&#160; In such situations, the Company will, consistent with its duty of care and duty of loyalty, vote the securities in accordance with
        its pre-determined voting policy, but only after the disclosing the conflict to clients and affording the clients the opportunity to direct the Company in the voting of such securities.</div>
      <div><br>
      </div>
      <div>C. Record Keeping. The Company will maintain the following records with respect to proxy voting:</div>
      <div><br>
      </div>
      <div>(1) A copy of this proxy voting policy;</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      </div>
      <div>(2) A copy of all proxy statements received (the Company may rely on the EDGAR system to satisfy this requirement);</div>
      <div><br>
      </div>
      <div>(3) A record of each vote cast on behalf of a client (the Company may rely on a third party to satisfy this requirement);</div>
      <div><br>
      </div>
      <div>(4) A copy of any document prepared by the Company that was material to making a voting decision or that memorializes the basis for that decision;</div>
      <div><br>
      </div>
      <div>(5) A copy of each written client request for information on how the Company voted proxies on the client&#8217;s behalf, and a copy of any written response to any (written or oral) client request for information on how the Company voted proxies on
        behalf of the requesting client.</div>
      <div><br>
      </div>
      <div>D. Disclosure. The Company will furnish a copy of this policy to all of its clients. The Company will disclose to clients how proxies were voted upon request.</div>
      <div><br>
      </div>
      <div>ITEM 8.</div>
      <div>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</div>
      <div><br>
      </div>
      <div>Luke E. Sims</div>
      <div><br>
      </div>
      <div>President and Chief Executive Officer (since 2007) and Director of the Fund (since 2002). Luke Sims has been a partner in the law firm of Foley &amp; Lardner since 1984 until February 2010. Luke Sims is a 50% equity owner in the Advisor.</div>
      <div><br>
      </div>
      <div>David C. Sims</div>
      <div><br>
      </div>
      <div>Chief Financial Officer and Chief Compliance Officer of the Fund (since 2007), Secretary of the Fund (since 2009) and Director of the Fund (since 2015).&#160; David C. Sims is President, operating manager, and 50% equity owner in the Advisor.</div>
      <div><br>
      </div>
      <div>The Advisor is also the investment advisor of Peregrine Investment Fund LLC (&#8220;Peregrine&#8221;), a private investment fund, with approximately $2.8 million in assets under management as of December 31, 2020.&#160; Peregrine has similar investment
        objectives to the Fund. The Advisor receives an investment advisory fee from Peregrine of one and one-half percent of its assets under management. To the extent investment opportunities arise in which both the Fund and Peregrine will invest and in
        which the amount to be purchased is limited, the investment will be made pro rata based on the respective asset size of the Fund and Peregrine.</div>
      <div><br>
      </div>
      <div>With respect to the Fund, Luke Sims is the principal decision maker with respect to the Fund&#8217;s portfolio, and David Sims participates in the decision-making process. With respect to Peregrine, David Sims is the principal decision maker with
        respect to Peregrine&#8217;s portfolio and private accounts, and Luke Sims participates in the decision-making process.</div>
      <div><br>
      </div>
      <div>Luke Sims receives no compensation as an officer of the Fund and receives a fixed salary from the Advisor (not tied to the Fund&#8217;s or Peregrine&#8217;s performance or private account performance) out of the respective investment advisory fees paid by
        the Fund, private accounts and Peregrine. David Sims receives no compensation as an officer of the Fund and a fixed salary from the Advisor (not tied to the Fund&#8217;s or Peregrine&#8217;s performance or private account performance) out of the respective
        investment advisory fees paid by the Fund, private accounts and Peregrine. Luke Sims owns 50% of the equity of Sims Capital Management and David Sims owns the remaining 50% of the equity of Sims Capital Management.</div>
      <div><br>
      </div>
      <div>Dollar range of equity securities of the Fund. beneficially owned as of December 31, 2020, by Luke Sims is in excess of $1 million and by David Sims is in excess of $1 million.</div>
      <div><br>
      </div>
      <div>ITEM 9.</div>
      <div>PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.</div>
      <div><br>
      </div>
      <div>During the period covered by this report, no purchases were made by or on behalf of the registrant or any &#8220;affiliated purchaser&#8221; (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) of shares of
        registrant&#8217;s equity securities that are registered by the registrant pursuant to Section 12 of the Exchange Act.</div>
      <div><br>
      </div>
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      </div>
      <div>ITEM 10.</div>
      <div>SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS.</div>
      <div><br>
      </div>
      <div>No changes to the procedures by which shareholders may recommend nominees to the registrant&#8217;s board of directors have been implemented after registrant last provided disclosure in response to Item 407(c)(2) in registrant&#8217;s 2020 proxy statement.</div>
      <div><br>
      </div>
      <div>ITEM 11.</div>
      <div>CONTROLS AND PROCEDURES.</div>
      <div><br>
      </div>
      <div>(i) As of March 8, 2021, an evaluation of the effectiveness of the registrant&#8217;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) was performed under the supervision and with the
        participation of the registrant&#8217;s President and Chief Executive Officer (the principal executive officer) and the Chief Financial Officer (the principal financial officer). Based on that evaluation, the registrant&#8217;s President and Chief Executive
        Officer and Chief Financial Officer concluded that the registrant&#8217;s controls and procedures are effectively designed to ensure that information required to be disclosed by the registrant has been recorded, processed, summarized and reported within
        the time periods required by the Commission&#8217;s rules and forms, and that information required to be disclosed by the registrant has been accumulated and communicated to the registrant&#8217;s management, including its principal executive officer and
        principal financial officer, or persons performing similar functions as appropriate, to allow timely decisions regarding required disclosure.</div>
      <div><br>
      </div>
      <div>(ii) There has been no change in the registrant&#8217;s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that
        has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting.</div>
      <div><br>
      </div>
      <div>ITEM 12.</div>
      <div>DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</div>
      <div>The Fund neither lent any securities this year nor received any income related to securities lending.</div>
      <div><br>
      </div>
      <div>ITEM 13.</div>
      <div>EXHIBITS</div>
      <div><br>
      </div>
      <div>(A)(1).</div>
      <div>Attached hereto as <a href="brhc10021458_ex99-codeeth.htm">Exhibit 99a1</a>.</div>
      <div><br>
      </div>
      <div>(A)(2).</div>
      <div>Separate certification of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Act.--- attached hereto as <a href="brhc10021458_ex99-cert.htm">Exhibit 99a2</a>.</div>
      <div><br>
      </div>
      <div>(B)</div>
      <div>Certification pursuant to Rule 30a-2(b) and 18 U.S.C. Section 1350, --- attached as <a href="brhc10021458_ex99-906cert.htm">Exhibit 99b</a>.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div style="text-align: center;">SIGNATURES</div>
      <div style="text-align: center;">[See General Instruction F]</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
        authorized.</div>
      <div><br>
      </div>
      <div>Eagle Capital Growth Fund, Inc.</div>
      <div>By: /s/ Luke E. Sims, President</div>
      <div>Date: 3/9/2021</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities
        and on the dates indicated.</div>
      <div><br>
      </div>
      <div>By: /s/ David C. Sims, Vice-President, Chief Financial Officer, Chief Compliance Officer, and Secretary</div>
      <div>Date: 3/9/2021</div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>brhc10021458_ex99-cert.htm
<DESCRIPTION>EXHIBIT 99_CERT
<TEXT>
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    <title></title>
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  <div>
    <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Exhibit (a)(2)</div>
  </div>
  <div> <br>
  </div>
  <div>
    <div>
      <div style="text-align: center; color: #000000; font-weight: bold;">CERTIFICATION OF CHIEF EXECUTIVE OFFICER</div>
      <div style="text-align: center; color: #000000; font-weight: bold;"><u>CERTIFICATIONS</u></div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="color: #000000;">I, Luke E. Sims, certify that:</div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: #000000;">1. I have reviewed this report on Form N-CSR of Eagle Capital Growth Fund, Inc.;</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: #000000;">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
        necessary to make the statement made, in light of the circumstances under which statements were made, not misleading with respect to the period covered by this report;</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: #000000;">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
        material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
        report;</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: #000000;">4. The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
        (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</div>
    </div>
    <div>
      <div style="text-indent: 72pt; color: #000000;">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
        supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 72pt; color: #000000;">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
        under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 72pt; color: #000000;">(c) Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions
        about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 72pt; color: #000000;">(d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the second
        fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: #000000;">5. The registrant&#8217;s other certifying officer and I have disclosed to the registrant&#8217;s auditors and the audit committee of the
        registrant&#8217;s board of directors (or persons performing the equivalent functions):</div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="color: #000000;">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
        likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial information; and</div>
      <div><br>
      </div>
      <div style="color: #000000;">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over
        financial reporting.</div>
      <div><br>
      </div>
      <div style="color: #000000;">Date: March 9, 2021</div>
      <div><br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z03a2fb632edc4780b6c72a7c3be3d835" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 30.07%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>/s/ Luke E. Sims</div>
          </td>
          <td style="width: 69.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="2">
            <div>Luke E. Sims</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="2">
            <div>President and Chief Executive Officer (principal executive officer)</div>
          </td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
    </div>
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    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">CERTIFICATION OF CHIEF FINANCIAL OFFICER</div>
    <div>&#160;</div>
    <div>
      <div style="text-align: center; color: #000000; font-weight: bold;"><u>CERTIFICATIONS</u></div>
      <div>&#160;</div>
      <div style="color: #000000;">I, David C. Sims, certify that:</div>
    </div>
    <div>
      <div>&#160;</div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: #000000;">1. I have reviewed this report on Form N-CSR of Eagle Capital Growth Fund, Inc.;</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: #000000;">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
        necessary to make the statement made, in light of the circumstances under which statements were made, not misleading with respect to the period covered by this report;</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: #000000;">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
        material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
        report;</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: #000000;">4. The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
        (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</div>
    </div>
    <div>
      <div style="text-indent: 72pt; color: #000000;">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
        supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 72pt; color: #000000;">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
        under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 72pt; color: #000000;">(c) Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions
        about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 72pt; color: #000000;">(d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the second
        fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-indent: 36pt; color: #000000;">5. The registrant&#8217;s other certifying officer and I have disclosed to the registrant&#8217;s auditors and the audit committee of the
        registrant&#8217;s board of directors (or persons performing the equivalent functions):</div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="color: #000000;">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
        likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial information; and</div>
      <div><br>
      </div>
      <div style="color: #000000;">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over
        financial reporting.</div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="color: #000000;">Date: March 9, 2021</div>
      <div>&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z63932ab9448845ca979af47baf282baf" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 30.08%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>/s/ David C. Sims</div>
          </td>
          <td style="width: 69.92%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="2">
            <div>David C. Sims</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="2">
            <div>Vice-President and Chief Financial Officer (principal financial officer)</div>
          </td>
        </tr>

    </table>
    <div>
      <div><br>
      </div>
      <div>&#160;</div>
    </div>
  </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>brhc10021458_ex99-906cert.htm
<DESCRIPTION>EXHIBIT 99_906 CERT
<TEXT>
<html>
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    <title></title>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
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    <div>
      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Exhibit (b)</div>
    </div>
    <div> <br>
    </div>
    <div>
      <div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION</div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">1350, AS ADOPTED PURSUANT TO SECTION 906 OF</div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">THE SARBANES-OXLEY ACT OF 2002</div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-indent: 27pt; color: #000000;">In connection with the accompanying Form N-CSR of Eagle Capital Growth Fund, Inc. (the &#8220;Registrant&#8221;) for the period ended December 31, 2020 (the &#8220;Report&#8221;), each of the undersigned hereby certifies,
          pursuant to Rule 30a-2(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of our respective knowledge and belief, that:</div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-indent: 36pt; color: #000000;">(1)&#160; &#160; &#160; &#160; &#160; The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>
      </div>
      <div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-indent: 36pt; color: #000000;">(2)&#160; &#160; &#160; &#160; &#160; The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="color: #000000;">EAGLE CAPITAL GROWTH FUND, INC.</div>
        <div><br>
        </div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z23061aef58464375b2777b478e643908">

          <tr>
            <td style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>By: /s/ Luke E. Sims</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: bottom;">
              <div>Luke E. Sims</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: bottom;">
              <div>President and Chief Executive Officer (principal executive officer)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: bottom;">
              <div>Dated: <font style="color: #000000;">March 9, 2021</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>By: /s/ David C. Sims</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: bottom;">
              <div>David C. Sims</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: bottom;">
              <div>Vice-President and Chief Financial Officer (principal financial officer)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: bottom;">
              <div>Dated: <font style="color: #000000;">March 9, 2021</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>&#160;</div>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>4
<FILENAME>brhc10021458_ex99-codeeth.htm
<DESCRIPTION>EXHIBIT 99_CODEETH
<TEXT>
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    <div style="text-align: right;">
      <div><font style="font-weight: bold;">Exhibit 99A1</font><br>
      </div>
    </div>
    <div>
      <div style="text-align: center; text-indent: 36pt; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; text-indent: 36pt; font-weight: bold;">AMENDED AND RESTATED</div>
      <div style="text-align: center; text-indent: 36pt; font-weight: bold;">CODE OF ETHICS</div>
      <div style="text-align: center; text-indent: 36pt; font-weight: bold;">OF</div>
      <div style="text-align: center; text-indent: 36pt; font-weight: bold;">EAGLE CAPITAL GROWTH FUND, INC.</div>
      <div style="text-align: center; text-indent: 36pt; font-weight: bold;">Under Rule 17j-1 of the Investment Company Act of 1940</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">Eagle Capital Growth Fund, Inc. (the &#8220;Fund&#8221;) has adopted, by a vote of its board of directors, including a majority who are not interested
        persons (the &#8220;Board&#8221;), this Amended and Restated Code of Ethics (&#8220;Code of Ethics&#8221;) pursuant to Rule 17j&#8209;1 under the Investment Company Act of 1940 (the &#8220;Investment Company Act&#8221;).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Sims Capital Management LLC (the &#8220;Advisor&#8221;) is the investment adviser for the Fund.&#160; The Advisor is a registered investment adviser
        subject to the Investment Advisers Act of 1940, as amended (the &#8220;Investment Advisers Act&#8221;), and, as such, maintains its own policies and procedures, including among other things, its own code of ethics pursuant to the Investment Advisers Act.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z877d6e74b7e74927bda69fe6f53f6278" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify;">I.</div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Applicability</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">This Code of Ethics applies to (a) all Access Persons as defined in Rule 17j-1; and (b) any natural person who is in a control
        relationship to the Fund or the Advisor who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities (as hereinafter defined) by the Fund.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Under Rule 17j-1 of the Investment Company Act,&#8221; &#8220;Access Person&#8221; includes, among others, any Advisory Person of the Fund or of the Advisor
        and any director, officer or general partner of a principal underwriter (&#8220;Underwriter&#8221;), who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Covered Securities by the Fund for
        which the Underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Fund regarding the purchase or sale of Covered Securities.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Advisory Person&#8221; means any director, officer or employee of the Fund or the Advisor (or of any company in a control relationship to the
        Fund or the Advisor) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any
        recommendations with respect to the purchases or sales of Covered Securities.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Since the Advisor&#8217;s primary business is advising the Fund, all of the Advisor&#8217;s directors and officers are presumed to be Access Persons.&#160;
        In addition, all of the Fund&#8217;s directors and officers are presumed to be Access Persons of the Fund.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Advisor is required to adopt a written code of ethics containing provisions reasonably necessary to prevent its Access Persons from
        engaging in any conduct prohibited by Rule 17j-1(b) of the Investment Company Act.&#160; Such code must also be approved by the Board, including any material changes, thereto, in accordance with the requirements of Rule 17j-1(c)(1).</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%%%-->
      <div style="text-align: justify; text-indent: 36pt;">The personal investment policies, procedures and restrictions that specifically apply to Access Persons apply to all accounts and
        securities in which the Access Person has direct or indirect beneficial ownership. An explanation of what constitutes beneficial ownership is attached as Exhibit A.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Securities&#8221; are defined as set forth in Section 2(a)(36) of the Investment Company Act.&#160;&#160; &#8220;Covered Securities&#8221; are all Securities other
        than (a) direct obligations of the Government of the United States; (b) bankers&#8217; acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (c) shares issued by
        open-end investment companies registered under the Investment Company Act.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="za0aebd4bd3364a8d8ff19c95324162df" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">II.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Statement of Principles</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Access Persons must:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zf6fac42f63264b95ac76af8e34ed9d1b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">&#9726;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Engage in and promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zee4c73d35a5f4c58b403ab9816048d98" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">&#9726;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Take all reasonable measures to protect the confidentiality of non-public information about the Fund, and to prevent the unauthorized disclosure of such information unless required by
                applicable law or regulation or a legal or regulatory process;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z9c282074af6046619d74437d3a74949b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">&#9726;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Comply with applicable government laws, rules and regulations; and</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zf031e7e78712476f9c990deb4500d5f7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">&#9726;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Promptly report any violation of the Code of Ethics to the President of the Fund, and provide a copy of the report to the Chief Compliance Officer of the Fund.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Access Persons owe a fiduciary duty to the Fund and to the Fund&#8217;s shareholders and to the Advisor when conducting their personal
        investment transactions.&#160; At all times and in all matters such persons shall place the interests of the Fund before their personal interests.&#160; All Access Persons of the Advisor shall place the interests of the Advisor and its clients before their
        personal interests.&#160; The fundamental standard to be followed in personal securities transactions is that Access Persons may not take inappropriate advantage of their positions.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">No Access Person, affiliated person of the Fund, Advisor or Underwriter shall, in connection with the purchase or sale, directly or
        indirectly, by such person of any Covered Security (or any option to purchase or sell, or any security convertible into or exchangeable for a Covered Security) which, within the most recent 15 days, is or has been held by the Fund, or is being or
        has been considered by the Fund or the Advisor for purchase by the Fund:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Employ any device,
            scheme or artifice to defraud the Fund;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Make any untrue
            statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></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>
      <div style="text-align: justify; text-indent: 36pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Engage in any act,
            practice or course of business that operates or would operate as a fraud or deceit on the Fund; or</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Engage in any
            manipulative practice with respect to the Fund.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Further, all Access Persons are always prohibited from effecting personal securities transactions based on material, non-public
        information.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">All personal securities transactions by Access Persons shall adhere to the requirements of this Code of Ethics and shall be conducted in
        such a manner as to avoid any actual or potential conflict of interest, the appearance of such a conflict, or the abuse of the person&#8217;s position of trust and responsibility.&#160; While this Code of Ethics is designed to address both identified
        conflicts and potential conflicts, it cannot possibly be written broadly enough to cover all potential situations.&#160; In this regard, Access Persons are expected to adhere not only to the letter, but also the spirit, of the policies contained herein.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zb8d8148e71704803bc31914f70c19e59" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify;">III.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Standards of Business Conduct</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">In furtherance of the Statement of Principles, Access Persons must adhere to the following practices:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">Compliance with Laws, Rules and Regulations.&#160; </font><font style="font-size: 10pt;">The Fund expects its Access Persons to comply with all laws, rules and regulations applicable to their operations and business.&#160; Access Persons should seek guidance whenever they are in doubt as to the applicability of
          any law, rule or regulation regarding any contemplated course of action.&#160; The Fund, as a registered investment company, is subject to regulation by the Securities and Exchange Commission (the &#8220;Commission&#8221;).&#160; Access Persons must comply with all
          applicable federal securities laws, rules and regulations relating to the Fund and the Advisor.&#160; &#8220;Federal securities laws&#8221; means the Securities Act of 1933 (the &#8220;1933 Act&#8221;), the Securities Exchange Act of 1934 (the &#8220;1934 Act&#8221;), the Sarbanes-Oxley
          Act of 2002, the Investment Company Act, the Investment Advisers Act, Title IV of the Gramm-Leach-Bliley Act, any rules adopted by the Commission, under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers,
          and any rules adopted thereunder by the Commission or the Department of the Treasury.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">Conflicts of Interest.&#160; </font><font style="font-size: 10pt;">Access Persons have an obligation to act in the best interests of the Fund.&#160; Access Persons should avoid any activity, interest or association outside the Fund that could impair their ability to perform their work objectively and
          effectively or that could give the appearance of interfering with their responsibilities on behalf of the Fund and its shareholders.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">It is not possible to describe every situation in which a conflict of interest may arise.&#160; The following, however, are examples of
        situations that may raise a conflict of interest (unless permitted by law and Fund policies):</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z11a58426ac6e4addadcf830dced141cf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">&#9726;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Accepting special favors as a result of the position of an Access Person with the Fund from any person or organization with which the Fund or Advisor has a current or potential business
                relationship;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zaf85f0796b724d1fb97beb41d4c1a15e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">&#9726;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Directing business to or receiving business from a supplier or broker owned or managed by, or which employs, the Access Person, a relative or a friend.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></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>
      <div style="text-align: justify;">In no event, however, shall investments in any security in accordance with this Code of Ethics be considered a conflict of interest with the Fund.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Access Persons shall promptly report any potential relationships, actions or transactions (including those involving family members) that
        reasonably could be expected to give rise to a conflict of interest to the President of the Fund, with a copy to the Chief Compliance Officer of the Fund.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">Fair Dealing.</font><font style="font-size: 10pt;">&#160;
          Access Persons must keep the best interests of the Fund and its shareholders paramount and endeavor to deal fairly with suppliers, brokers, the public and one another.&#160; No Access Person should take unfair advantage of anyone through manipulation,
          abuse of privileged information, misrepresentation of facts or any unfair dealing practice.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">Gifts.</font><font style="font-size: 10pt;">&#160; Access
          Persons may not accept any investment opportunity, gift, gratuity or other thing of more than nominal value, from any person or entity that does business, or desires to do business with the Fund, or any affiliate thereof.&#160; Access Persons may
          accept gifts from a single donor so long as the aggregate annual value does not exceed $100 and Access Persons may attend business meals, local sporting events and other entertainment events at the expense of the donor, so long as the expense is
          reasonable and both the Access Person and the donor are present.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">Corporate Opportunities</font><font style="font-size: 10pt;">.&#160; Access Persons shall not take for themselves personally opportunities that are discovered through the use of their positions with the Fund, except with approval from the Fund&#8217;s Board or, as applicable, the Fund&#8217;s Audit Committee.&#160; In no
          event, however, shall investment in any security made in accordance with this Code of Ethics be considered a business opportunity of the Fund.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">Proprietary and Confidential Information.</font><font style="font-size: 10pt;">&#160; Proprietary and confidential information generated and gathered in the Fund&#8217;s business are vital assets.&#160; Protecting this information is critical to the Fund&#8217;s reputation for integrity and relationship with its
          shareholders and ensures compliance with complex regulations governing investment companies and investment advisors.&#160; Accordingly, Access Persons should maintain all proprietary and confidential information in strict confidence, except when
          disclosure is authorized by the Fund or required by law.</font></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Proprietary Information&#8221; includes all non-public information that might be useful to competitors or that could be harmful to the Fund or
        its shareholders, if disclosed.&#160; It includes, for example, intellectual property, business plans, personal employee information and unpublished financial information.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">&#8220;Confidential Information&#8221; is information that is not generally known to the public about the Fund, its shareholders or other parties with
        whom the Fund has a relationship and that have an expectation of confidentiality.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Unauthorized use or distribution of proprietary or confidential information violates Fund policy and could be illegal.&#160; Such use or
        distribution could result in negative consequences for the Fund and the individuals involved, including potential legal or disciplinary actions.&#160; The obligation of Access Persons to protect the Fund&#8217;s proprietary and confidential information
        continues even after they leave employment or service with the Fund.&#160; Access Persons have an obligation to return all such information in their possession upon their departure.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></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>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">Inside Information.</font><font style="font-size: 10pt;">&#160; Using inside information to trade securities or to &#8220;tip&#8221; a family member, friend, or any other person, is illegal.&#160; All non-public information about the Fund, its shareholders or any other company that may have a significant impact on
          the price of a security, or that a reasonable investor may consider important in making an investment decision, should be considered inside information.&#160; Access Persons may never, under any circumstances, trade, encourage others to trade, or
          recommend securities based on inside information, including information about the Advisor&#8217;s securities recommendations.&#160; In addition, the officers of the Fund should take whatever steps they deem necessary to safeguard this sensitive information
          and control the dissemination of this sensitive information both within and outside the Fund.</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z8304753d412747df8957ce2d3b18ad79" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">IV.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Enforcement</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">It is the responsibility of each Access Person to act in accordance with a high standard of conduct and to comply with the policies and
        procedures set forth in this Code of Ethics.&#160; The Fund takes seriously its obligation to monitor the personal investment activities of its Access Persons.&#160; Access Persons must report all violations of this Code of Ethics by themselves or others to
        the President of the Fund and provide a copy of the report to the Chief Compliance Officer of the Fund.&#160; Any violation of this Code of Ethics by Access Persons will be considered serious, and may result in disciplinary action, which may include the
        unwinding of trades, disgorgement of profits, monetary fine or censure, and suspension or termination of employment. Any violation of this Code of Ethics by a director of the Fund will be reported to the Board of the Fund which may impose such
        sanctions as it deems appropriate.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zb232f108974f422eba500e4bfc7eb786" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">V.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Blackout Period</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">No Access Person shall purchase or sell, directly or indirectly, any Covered Security if he/she has knowledge at the time of such
        transaction that the Covered Security is being purchased or sold, or is being considered for purchase or sale, by the Fund. The blackout period (&#8220;Blackout Period&#8221;) shall be in effect for fifteen (15) calendar days before and after the Fund trades
        in that Covered Security, and during the period while the Covered Security is being considered for purchase or sale by the Fund.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">This Blackout Period requirement shall not apply to any purchase or sale, or series of related transactions by the Fund involving the same
        or related securities, involving one thousand (1,000) or fewer shares in the aggregate if the issuer has a market capitalization (outstanding shares multiplied by the current price per share) greater than $2.0 billion and is listed on a U.S. stock
        exchange or quoted on NASDAQ.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z5eef1c600a76412e897e2545f2b481e0" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: justify;">VI.</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Prohibited Transactions</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The transactions listed below by Access Persons are prohibited without the prior written approval from the President of the Fund or
        his/her designee, with a copy of the approval provided by the Access Persons to the Chief Compliance Officer of the Fund.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></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>
      <div style="text-align: justify; text-indent: 36pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The purchase of a
            limited offering (<font style="font-style: italic;">i.e.,</font> an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or 4(6) or pursuant to Rule 504, Rule 505 or
            Rule 506 of Regulation D under the 1933 Act); or</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The acquisition of
            any securities in an initial public offering (<font style="font-style: italic;">i.e., </font>an offering of securities registered under the 1933 Act by an issuer which, immediately before the
            registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z69c143c9297e4befb8983bfc7cb1ffc0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">VII.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Prohibited Recommendations</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">No Access Person shall recommend or execute any transaction in any Covered Securities by the Fund without having disclosed, in writing, to
        the President of the Fund, or his/her designee, with a copy provided by the Access Person to the Chief Compliance Officer, any direct or indirect interest in such securities or issuers, except for those securities purchased or sold by the Fund
        pursuant to the &#8220;Large Cap/De Minimis&#8221; exemption described in Section V above.&#160; Prior written approval of such recommendation or execution also must be received from the President of the Fund, or his/her designee, with a copy provided to the Chief
        Compliance Officer of the Fund.&#160; The direct or indirect interest in such securities or issuers could be in the form of:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any direct or indirect beneficial ownership of any securities of such issuer</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any contemplated transaction by the person in such securities;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any position with such issuer or its affiliates; or</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any present or proposed business relationship between such issuer or its affiliates and the person or any party in which such person has a significant interest.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z205a56922d51495da8c482b49363a86c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">VIII.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Acknowledgment and Reporting Requirements</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Fund must (a) identify all Access Persons who are required to make the reports listed below and inform them of their reporting
        obligations; and (b) provide Access Persons with copies of this Code of Ethics and any amendments thereto.&#160; All Access Persons must certify that they have received copies of this Code of Ethics, and have read and understood its provisions,
        including their reporting obligations. In addition, except as otherwise provided in Item 7 of this Section VII, all Access Persons must:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Acknowledge
            receipt of this Code of Ethics and any amendments thereto, in writing (see Exhibit B for the form of Acknowledgment).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No later than 10
            days after becoming an Access Person, must provide information which must be current as of a date no more than 45 days prior to the date of becoming an Access Person, to the President of the Fund, with a copy to the Chief Compliance Officer of
            the Fund, with respect to all Covered Securities, including Fund shares, directly or indirectly beneficially owned and any existing personal brokerage relationships when such person became an Access Person (Access Persons must also disclose any
            new brokerage relationships whenever established). Such information should be provided in the form attached as Exhibit C.&#160; Fund directors shall deliver the information, except that a Fund director who is not an &#8220;interested person&#8221; of the Fund
            within the meaning of Section 2(a)(19) of the Investment Company Act, and who would be required to make reports solely by reason of being a Fund director, is not required to make the initial holdings report required above.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></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>
      <div style="text-align: justify; text-indent: 36pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No later than 30
            days after the end of each calendar quarter, provide information to the President of the Fund, with a copy to the Chief Compliance Officer of the Fund relating to securities transactions executed during the previous quarter with respect to all
            Covered Securities, including Fund shares, directly or indirectly beneficially owned. Such information should be provided in the form attached as Exhibit D.&#160; Fund directors shall deliver the information, except that a Fund director who is not
            an &#8220;interested person&#8221; of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act, and who would be required to make reports solely by reason of being a Fund director, need only make the quarterly transaction reports
            required above as to any Covered Security the director knew or, in the ordinary course of fulfilling his or her official duties as a Fund director, should have known that during the 15-day period immediately before or after the director's
            transaction in a Covered Security, the Fund purchased or sold the Covered Security, or the Fund or its investment adviser considered purchasing or selling the Covered Security.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Submit an annual
            holdings report containing similar information that must be current as of a date no more than 45 days before the report is submitted, and confirm at least annually all brokerage relationships and any and all outside business affiliations. Such
            information should be provided in the form attached as Exhibit E.&#160; Fund directors shall deliver the information, except that a Fund director who is not an &#8220;interested person&#8221; of the Fund within the meaning of Section 2(a)(19) of the Investment
            Company Act, and who would be required to make reports solely by reason of being a Fund director, is not required to make the annual holdings report required above.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Certify on an
            annual basis that he/she has read and understood the Code of Ethics, has complied with the requirements of the Code of Ethics and that he/she has disclosed or reported all personal securities transactions, brokerage relationships and securities
            accounts required to be disclosed or reported pursuant to the requirements of the Code of Ethics.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The reports
            described in Items 2, 3 and 4 above may contain a statement that the reports shall not be construed as an admission by the person making the reports that he/she has any direct or indirect beneficial ownership in the securities to which the
            reports relate.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;An Access Person
            need not make a report with respect to transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or control.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;An Access Person
            need not make a quarterly transaction report (Section VIII, No. 3 above) with respect to transactions effected pursuant to an automatic investment plan.&#160; An &#8220;automatic investment plan&#8221; means a program in which regular periodic purchases (or
            withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation.&#160; An automatic investment plan includes a dividend reinvestment plan.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></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>
      <div style="text-align: justify; text-indent: 36pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The President of
            the Fund or his/her designee shall review all of the reports submitted pursuant to this Section VIII.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;An Access Person
            need not make a quarterly report (Section VIII, No. 3 above) if the report would duplicate information contained in broker trade confirmation or account statements that are held in the records of the Fund so long as such confirmations or
            statements are received by the Fund no later than 30 days after the end of the applicable calendar quarter.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The exceptions to
            the reporting requirements as set forth in Rule 17j-1(d)(2) of the Investment Company Act are also incorporated herein.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Access Persons
            need to pre-clear all personal transactions, in public securities and private offerings, with the CCO prior to the transactions except that a Fund director who is not an &#8220;interested person&#8221; of the Fund within the meaning of Section 2(a)(19) of
            the Investment Company Act, and who would be required to pre-clear transactions solely by reason of being a Fund director, is not required to pre-clear transactions as required above.&#160; The CCO needs to obtain pre-clearance of all personal
            transactions, in public securities and private offerings, with the highest-ranking non-CCO member of the advisor prior to the transactions.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z6dc748b92a0d4ee79d9b8bf45ce6f110" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">IX.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Handling of Disgorged Profits</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Any amounts that are paid/disgorged by an Access Person under this Code of Ethics shall be donated by the Fund to one or more charities.&#160;
        Amounts donated may be aggregated and paid to such charity or charities at the end of each year.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z2667beeb42c34f2fbca58357d34a8f8d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">X.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Confidentiality</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">All information obtained from any Access Person pursuant to this Code of Ethics shall be kept in strict confidence, except that such
        information will be made available to the Commission or any other regulatory or self-regulatory organization or to the Fund Board to the extent required by law, regulation or this Code of Ethics.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z288d46899a2145ba9136b87116e5931d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">XI.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Other Laws, Rules and Statements of Policy</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Nothing contained in this Code of Ethics shall be interpreted as relieving any person subject to the Code of Ethics from acting in
        accordance with the provision of any applicable law, rule or regulation, or, in the case of employees of the Fund, any statement of policy or procedure governing the conduct of such person adopted by the Fund, its affiliates and subsidiaries.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z4310bd18c94547829265cc3127882854" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">XII.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Retention of Records</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">All records relating to personal securities transactions hereunder and other records meeting the requirements of applicable law, including
        a copy of this Code of Ethics and any other policies covering the subject matter hereof, shall be maintained in the manner and to the extent required by applicable law, including Rule 17j-1 under the Investment Company Act. The President of the
        Fund shall designate the person or the department responsible for maintaining records created under this Code of Ethics. Without limiting the generality of the foregoing, the Fund shall, at its principal place of business, maintain records in the
        manner and to the extent set forth below, and must make these records available to the Commission or any representative of the Commission at any time and from time to time for reasonable periodic, special, or other examination:</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></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>
      <div style="text-align: justify; text-indent: 36pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A copy of each
            code of ethics for the Fund that is in effect, or at any time within the past five years was in effect shall be maintained;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A record of any
            violation of each code of ethics, and of any action taken as a result of the violation, shall be maintained for at least five years after the end of the fiscal year in which the violation occurs;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A copy of each
            report made by an Access Person as required by Rule 17j-1 of the Investment Company Act, including any information provided in lieu of reports, shall be maintained for at least five years after the end of the fiscal year in which the report is
            made or the information is provided;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A record of all
            persons, currently or within the past five years, who are or were required to make reports pursuant to Rule 17j-1 of the Investment Company Act, or who are or were responsible for reviewing these reports, shall be maintained;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A copy of each
            report to the Board of the Fund made pursuant to Section XV shall be maintained for at least five years after the end of the fiscal year in which it is made; and</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Fund shall
            maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition by Access Persons of any securities described in Section VI.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zb15c84a2768b492da2bfc54f9305b65c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">XIII.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Monitoring</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The Fund takes seriously its obligation to monitor the personal investment activities of Access Persons and to review the periodic reports
        of all Access Persons.&#160; Personal investment transaction activity will be monitored by the President of the Fund or his/her designee.&#160; All noted deviations by Access Persons who are employees from the requirements of this Code of Ethics will be
        referred back to the Access Person and his or her supervisor for follow-up and resolution. Any noted deviations by Fund or Advisor directors will be reported to the Fund&#8217;s Board for consideration and follow-up as contemplated by Section IV hereof.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zeea75e8067fd4671b3d1fbcd34325f3b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">XIV.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Exceptions to the Code of Ethics</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Any exceptions to this Code of Ethics must have the prior written approval of the President of the Fund or his/her designee, which
        approval shall not be given unless such exception would be in compliance with applicable laws and regulations, including, without limitation, Rule 17j-1 under the Investment Company Act.&#160; Copies of such written approvals shall be provided to the
        Chief Compliance Officer of the Fund.&#160; Any questions about this Code of Ethics should be directed to the President of the Fund or his/her designee.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></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>
      <table cellspacing="0" cellpadding="0" id="z34fc6e8dbc9a4cb9a3c7c31f808e8bc1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top;">XV.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Board Review</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The President of the Fund or his/her designee shall provide or cause to be provided to the Board, on an annual basis, a written report
        that: (i) describes any issues arising under the respective code of ethics of the Fund of the Advisor since the last report to the Board, including, but not limited to, information about material violations of the respective code of ethics of the
        Fund of the Advisor and sanctions imposed in response to the material violations, and (ii) certifies that the Fund and Advisor have adopted procedures reasonably necessary to prevent Access Persons from violating the respective code of ethics of
        the Fund and the Advisor.</div>
      <div>&#160;</div>
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          <tr>
            <td style="width: 36pt; vertical-align: top;">XVI.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;">Amendments</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">With respect to non-material amendments, this Code of Ethics may be amended from time to time by the President of the Fund.&#160; Any material
        amendment of this Code of Ethics shall be submitted to the Board of the Fund for approval in accordance with Rule 17j-1 under the Investment Company Act.&#160; Such material amendment shall become effective upon such date of approval or at such earlier
        date as determined by the Secretary of the Fund.&#160; As provided above, the Board shall also approve all material amendments to the code of ethics of the Advisor in accordance with Rule 17j-1 under the Investment Company Act.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Approved and Adopted Effective as of December 31, 2012.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></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>
      <!--PROfilePageNumberReset%Num%1%A-%%-->
      <div style="text-align: center; font-weight: bold;">EXHIBIT A</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">EXPLANATION OF BENEFICIAL OWNERSHIP</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">You are considered to have &#8220;Beneficial Ownership&#8221; of Securities if you have or share a direct or indirect &#8220;Pecuniary Interest&#8221; in the Securities.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">You have a &#8220;Pecuniary Interest&#8221; in Securities if you have the opportunity, directly or indirectly, to profit or share in any profit derived from a
        transaction in the Securities.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The following are some examples of an indirect Pecuniary Interest in Securities:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Securities held by members
            of your immediate family sharing the same household; however, this presumption may be rebutted by convincing evidence that profits derived from transactions in these Securities will not provide you with any economic benefit.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">&#8220;Immediate family&#8221; means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
        son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes any adoptive relationship.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Your interest as a general
            partner in Securities held by a general or limited partnership.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Your interest as a
            manager-member in the Securities held by a limited liability company.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">4.&#160; Your right to acquire equity securities through the exercise or conversion of any derivative security, whether or not presently exercisable.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">You do not have an indirect Pecuniary Interest in Securities held by a corporation, partnership, limited liability company or other entity in which
        you hold an equity interest, unless you are a controlling equity holder or you have or share investment control over the Securities held by the entity.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">You may, under certain circumstances, be deemed to have Beneficial Ownership of Securities held by a trust, if, for example, you are a trustee of a
        trust and either you or a member of your immediate family have a vested interest in the principal or income of the trust; you are the owner of a vested interest in a trust, or you are a settlor of a trust, unless the consent of all of the
        beneficiaries is required in order for you to revoke the trust.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">The foregoing is only a summary of the meaning of &#8220;Beneficial Ownership.&#8221;&#160; It is not the complete recitation of the meaning of Beneficial Ownership.
        For purposes of the attached Code of Ethics, &#8220;Beneficial Ownership&#8221; shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the
        rules and regulations thereunder. If you have any questions regarding what constitutes &#8220;Beneficial Ownership,&#8221; you should contact the President of the Fund or his/her designee.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">A-1</font></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>
      <!--PROfilePageNumberReset%Num%1%B-%%-->
      <div style="text-align: center; font-weight: bold;">EXHIBIT B</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">AMENDED AND RESTATED</div>
      <div style="text-align: center; font-weight: bold;">CODE OF ETHICS FOR</div>
      <div style="text-align: center; font-weight: bold;">EAGLE CAPITAL GROWTH FUND, INC.</div>
      <div style="text-align: center; font-weight: bold;">ACKNOWLEDGMENT (GRF---CCO---05)</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">I acknowledge that I have received and read the Amended and Restated Code of Ethics (&#8220;Code of Ethics&#8221;) of Eagle Capital Growth Fund, Inc.&#160;
        I understand the provisions of the Code of Ethics, including my reporting obligations, and agree to abide by them.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">I acknowledge that I have received and read the Code of Ethics for Financial Professionals of Eagle Capital Growth Fund, Inc.&#160; I
        understand the provisions of the Code of Ethics for Financial Professionals and, at any time applicable to me, I agree to abide by them.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; border-collapse: collapse;" id="zef774b9023704b708fe4cee9ce0fced8">

            <tr>
              <td colspan="1" style="width: 5%; padding-bottom: 2px; vertical-align: top;"><br>
              </td>
              <td style="width: 13%; padding-bottom: 2px; vertical-align: top;">
                <div style="text-align: justify;">Name (Print):</div>
              </td>
              <td style="width: 62%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td style="width: 20%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 13%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 62%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 5%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
              <td style="width: 13%; padding-bottom: 2px; vertical-align: top;">
                <div style="text-align: justify;">Signature:</div>
              </td>
              <td style="width: 62%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td style="width: 20%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" id="z1c9cbc8d0ad44fb3be1496d8e98fe8ba" style="width: 100%; text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; border-collapse: collapse;">

            <tr>
              <td colspan="1" style="width: 5%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
              <td style="width: 13%; padding-bottom: 2px; vertical-align: top;">
                <div style="text-align: justify;">Date:</div>
              </td>
              <td style="width: 30%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td style="width: 3%; padding-bottom: 2px; vertical-align: top;">
                <div style="text-align: center;">, 20</div>
              </td>
              <td style="width: 4%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><br>
              </td>
              <td style="width: 45%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
            </tr>

        </table>
        &#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">B-1</font></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>
      <!--PROfilePageNumberReset%Num%1%C-%%-->
      <div style="text-align: center; font-weight: bold;">EXHIBIT C</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">EAGLE CAPITAL GROWTH FUND, INC.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">INITIAL FINANCIAL SERVICES FIRM DISCLOSURE</div>
      <div style="text-align: center; font-weight: bold;">AND REPORT OF SECURITIES HOLDINGS (GRF---CCO---02)</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">This report must be signed, dated and returned within 10 days of becoming an Access Person to David C. Sims, Chief Compliance Officer,
        Eagle Capital Growth Fund, Inc., 225 East Mason Street, Suite 802, Milwaukee, Wisconsin 53202.</div>
      <div>&#160;</div>
      <div>
        <div style="text-align: justify;">
          <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;" id="z056b9b74cdec446fa91b8f48ce518070">

              <tr>
                <td style="width: 5%; padding-bottom: 2px;"><br>
                </td>
                <td style="width: 20%; padding-bottom: 2px;">Access Person Name (Print):</td>
                <td style="width: 22%; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><br>
                </td>
                <td style="width: 5%; padding-bottom: 2px;"><br>
                </td>
                <td style="width: 22%; padding-bottom: 2px;">Date Became an Access Person:</td>
                <td style="width: 19%; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><br>
                </td>
                <td style="width: 3%; padding-bottom: 2px;">, 20</td>
                <td style="width: 4%; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><br>
                </td>
              </tr>

          </table>
        </div>
        <div style="text-align: justify;"><br>
        </div>
        <div style="text-align: justify; text-indent: 36pt;">Brokerage Accounts:</div>
      </div>
      <div> <br>
      </div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; font-family: 'Wingdings 2',serif;">&#9744;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>I do not have a direct or indirect beneficial interest in any account(s) with any financial services firm.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z149d0f2a8e3940a7b98cf0bc3c2cb473" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; font-family: 'Wingdings 2',serif;">&#9744;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>I maintain account(s) with the financial services firm(s) listed below. Please include the information required below for any broker, dealer or bank where an account is maintained which
                holds securities for your direct or indirect benefit as of the date you became an Access Person.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zfa2729799c234fcca6f3c0e033ae0e4c" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 100%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: 36pt; font-weight: bold;">Name of Financial Services Firm(s)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" rowspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">C-1</font></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>
      <div style="text-align: justify; text-indent: 36pt;">Securities Holdings:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Complete the following (or attach a copy of your most recent statement(s)) listing all of your securities holdings, including Fund shares,
        with the exception of (a) direct obligations of the Government of the United States; (b) bankers&#8217; acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (c)
        shares issued by open-end investment companies registered under the Investment Company Act, if:</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 36pt;">You own securities which are held by financial services firm(s) as described above. If you submit a copy of a statement, it must include
        all of the information set forth below. Please be sure to include any additional securities purchased since the date of the brokerage statement which is attached. Use additional sheets if necessary.</div>
      <div>&#160;</div>
      <div style="text-align: center; text-indent: -36pt; margin-left: 36pt;">Your securities are not held with a financial service(s) firm (e.g., dividend reinvestment programs and private
        placements).</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z3b2647f426db48cbad15c16bd81a039c" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td nowrap="nowrap" style="width: 9.58%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Company</div>
            </td>
            <td nowrap="nowrap" style="width: 7.36%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Symbol</div>
            </td>
            <td nowrap="nowrap" style="width: 9.07%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Purchase/</div>
            </td>
            <td nowrap="nowrap" style="width: 6.32%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Trade</div>
            </td>
            <td nowrap="nowrap" style="width: 5.93%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Settle</div>
            </td>
            <td nowrap="nowrap" style="width: 6.99%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">CUSIP</div>
            </td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Quantity</div>
            </td>
            <td nowrap="nowrap" style="width: 5.65%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Unit</div>
            </td>
            <td nowrap="nowrap" style="width: 8.59%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Principal</div>
            </td>
            <td nowrap="nowrap" style="width: 11.54%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Commissions</div>
            </td>
            <td nowrap="nowrap" style="width: 5.08%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Fees</div>
            </td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Net</div>
            </td>
            <td nowrap="nowrap" style="width: 7.07%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Broker</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 9.58%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.36%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.07%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Sale</div>
            </td>
            <td nowrap="nowrap" style="width: 6.32%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Date</div>
            </td>
            <td nowrap="nowrap" style="width: 5.93%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Date</div>
            </td>
            <td nowrap="nowrap" style="width: 6.99%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.65%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Price</div>
            </td>
            <td nowrap="nowrap" style="width: 8.59%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Proceeds</div>
            </td>
            <td nowrap="nowrap" style="width: 11.54%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.08%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Proceeds</div>
            </td>
            <td nowrap="nowrap" style="width: 7.07%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <tr>
            <td nowrap="nowrap" style="width: 9.58%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.36%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.07%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 6.32%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.93%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 6.99%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.65%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.59%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 11.54%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.08%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.07%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <tr>
            <td nowrap="nowrap" style="width: 9.58%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.36%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.07%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 6.32%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.93%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 6.99%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.65%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td nowrap="nowrap" style="width: 9.58%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td nowrap="nowrap" style="width: 6.32%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td nowrap="nowrap" style="width: 9.58%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td nowrap="nowrap" style="width: 6.32%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.93%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 6.99%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.65%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.59%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 11.54%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.08%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.07%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td nowrap="nowrap" style="width: 9.58%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.36%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.07%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 6.32%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.93%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 6.99%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.65%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.59%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 11.54%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.08%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.07%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z27d88e9602364d20867277c8c2de623f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; font-family: 'Wingdings 2',serif;">&#9744;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>I have no securities holdings to report.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">C-2</font></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>
      <div style="text-align: justify; text-indent: 36pt;">I certify that I have received the Eagle Capital Growth Fund, Inc. Amended and Restated Code of Ethics and have read it and understood its
        contents.&#160; I further certify that the above represents a complete and accurate description of my brokerage account(s) and securities holdings as of a date no more than 45 days prior to the date I became an Access Person.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Nothing in this report shall be construed as an admission that I have direct or indirect beneficial ownership in any reported security.</div>
      <div>&#160;</div>
      <div> <br>
      </div>
      <div>
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              </td>
              <td style="width: 13%; padding-bottom: 2px; vertical-align: top;">
                <div style="text-align: justify;">Signature: <br>
                </div>
              </td>
              <td style="width: 62%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
              <td style="width: 20%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
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            <tr>
              <td colspan="1" style="width: 5%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
              <td style="width: 13%; padding-bottom: 2px; vertical-align: top;">
                <div style="text-align: justify;">Date:</div>
              </td>
              <td style="width: 30%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td style="width: 3%; padding-bottom: 2px; vertical-align: top;">
                <div style="text-align: center;">, 20</div>
              </td>
              <td style="width: 4%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><br>
              </td>
              <td style="width: 45%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
            </tr>

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      </div>
      <div><br>
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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">C-3</font></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>
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      <!--PROfilePageNumberReset%Num%1%D-%%-->
      <div style="text-align: center; font-weight: bold;">EXHIBIT D</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">EAGLE CAPITAL GROWTH FUND, INC.</div>
      <div style="text-align: center; font-weight: bold;">QUARTERLY REPORT OF SECURITIES TRANSACTIONS</div>
      <div style="text-align: center; font-weight: bold;">AND FINANCIAL SERVICES FIRM DISCLOSURE (GRF---CCO--- 03)</div>
      <div style="text-align: center; font-weight: bold;">FOR THE QUARTER ENDED ________________, 20___</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">This report must be signed, dated and returned within 30 days of the calendar quarter to David C. Sims, Chief Compliance Officer, Eagle
        Capital Growth Fund, Inc., 225 East Mason Street, Suite 802, Milwaukee, Wisconsin.</div>
      <div>&#160;
        <div style="margin-left: 36pt;">
          <table cellspacing="0" cellpadding="0" border="0" id="zdb1b250223c04afd814a737512b7c3ae">

              <tr>
                <td style="width: 20%; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">Access Person Name (Print): <br>
                </td>
                <td style="width: 32%; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><br>
                </td>
                <td style="width: 28%; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><br>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Securities Transactions During the Calendar Quarter:</div>
      <div>&#160;</div>
      <div>The following is a record of my transactions in any security, including Fund shares, with the exception of (a) direct obligations of the Government of the
        United States; (b) bankers&#8217; acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (c) shares issued by open-end investment companies registered under the
        Investment Company Act, during the above-referenced quarter.</div>
      <div>&#160;</div>
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          <tr>
            <td nowrap="nowrap" style="width: 9.58%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Company</div>
            </td>
            <td nowrap="nowrap" style="width: 7.36%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Symbol</div>
            </td>
            <td nowrap="nowrap" style="width: 9.07%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Purchase/</div>
            </td>
            <td nowrap="nowrap" style="width: 6.32%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Trade</div>
            </td>
            <td nowrap="nowrap" style="width: 5.93%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Settle</div>
            </td>
            <td nowrap="nowrap" style="width: 6.99%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">CUSIP</div>
            </td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Quantity</div>
            </td>
            <td nowrap="nowrap" style="width: 5.65%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Unit</div>
            </td>
            <td nowrap="nowrap" style="width: 8.59%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Principal</div>
            </td>
            <td nowrap="nowrap" style="width: 11.54%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Commissions</div>
            </td>
            <td nowrap="nowrap" style="width: 5.08%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Fees</div>
            </td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Net</div>
            </td>
            <td nowrap="nowrap" style="width: 7.07%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Broker</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 9.58%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.36%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.07%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Sale</div>
            </td>
            <td nowrap="nowrap" style="width: 6.32%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Date</div>
            </td>
            <td nowrap="nowrap" style="width: 5.93%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Date</div>
            </td>
            <td nowrap="nowrap" style="width: 6.99%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.65%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Price</div>
            </td>
            <td nowrap="nowrap" style="width: 8.59%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Proceeds</div>
            </td>
            <td nowrap="nowrap" style="width: 11.54%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.08%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Proceeds</div>
            </td>
            <td nowrap="nowrap" style="width: 7.07%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 9.58%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.36%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.07%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 6.32%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.93%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 6.99%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.65%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.59%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 11.54%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.08%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.07%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td nowrap="nowrap" style="width: 7.36%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.07%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 6.32%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.93%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 6.99%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.65%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.59%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 11.54%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.08%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.07%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <tr>
            <td nowrap="nowrap" style="width: 9.58%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.36%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.07%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 6.32%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.93%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 6.99%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td nowrap="nowrap" style="width: 6.99%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.65%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.59%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 11.54%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.08%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.07%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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      <div> <br>
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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            <td style="width: 36pt; vertical-align: top; font-family: 'Wingdings 2',serif;">&#9744;</td>
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              <div>I have no securities transactions to report.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Brokerage Accounts Established During the Calendar Quarter:</div>
      <div>&#160;</div>
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            <td style="width: 36pt; vertical-align: top; font-family: 'Wingdings 2',serif;">&#9744;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>I did not establish any account(s) with any financial services firm during the calendar quarter in which any securities were held in which I had a direct or indirect beneficial interest.</div>
            </td>
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      <div>&#160;</div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; font-family: 'Wingdings 2',serif;">&#9744;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>I established account(s) during the calendar quarter with the financial services firm(s) listed below. Please include the information required below for any broker, dealer or bank where
                an account was established during the calendar quarter which held securities for your direct or indirect benefit during the calendar quarter.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
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          <tr>
            <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Name of Financial Services Firm(s)</div>
            </td>
            <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Date Account Established</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: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Nothing in this report shall be construed as an admission that I have direct or indirect beneficial ownership in any reported security.</div>
      <div>&#160;</div>
      <div>
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              </td>
              <td style="width: 13%; padding-bottom: 2px; vertical-align: top;">
                <div style="text-align: justify;">Signature: <br>
                </div>
              </td>
              <td style="width: 62%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
              <td style="width: 20%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
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            <tr>
              <td colspan="1" style="width: 5%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
              <td style="width: 13%; padding-bottom: 2px; vertical-align: top;">
                <div style="text-align: justify;">Date:</div>
              </td>
              <td style="width: 30%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
                <div style="text-align: justify;"><br>
                </div>
              </td>
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                <div style="text-align: center;">, 20</div>
              </td>
              <td style="width: 4%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><br>
              </td>
              <td style="width: 45%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
            </tr>

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      </div>
      <div> <br>
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      <!--PROfilePageNumberReset%Num%1%E-%%-->
      <div style="text-align: center; font-weight: bold;">EXHIBIT E</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">EAGLE CAPITAL GROWTH FUND, INC.</div>
      <div style="text-align: center; font-weight: bold;">ANNUAL REPORT OF SECURITIES HOLDINGS</div>
      <div style="text-align: center; font-weight: bold;">AND FINANCIAL SERVICES FIRM DISCLOSURE (GRF---CCO--- 04)</div>
      <div style="text-align: center; font-weight: bold;">FOR THE YEAR ENDED DECEMBER 31, 20___</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">This report must be signed, dated and returned within 45 days after the end of the referenced year to David C. Sims, Chief Compliance
        Officer, Eagle Capital Growth Fund, Inc., 225 East Mason Street, Suite 802, Milwaukee, Wisconsin 53202.</div>
      <div>&#160;
        <div style="margin-left: 36pt;">
          <table cellspacing="0" cellpadding="0" border="0" id="zdb1b250223c04afd814a737512b7c3ae">

              <tr>
                <td style="width: 20%; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">Access Person Name (Print): <br>
                </td>
                <td style="width: 32%; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;"><br>
                </td>
                <td style="width: 28%; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">
                  <div>&#160;</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Brokerage Accounts:</div>
      <div>&#160;</div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; font-family: 'Wingdings 2',serif;">&#9744;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>I did not have a direct or indirect beneficial interest in any account(s) with any financial services firm as of the end of the referenced year.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z8fb5703eeda64f8aac72727b8bfa793a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; font-family: 'Wingdings 2',serif;">&#9744;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>I maintained account(s) with the financial services firm(s) listed below as of the end of the referenced year. Please include the information required below for any broker, dealer or bank
                where an account was maintained which held securities for your direct or indirect benefit as of such date.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z9453500a07f84488ba1fae5f2d5aa906" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 100%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; text-indent: 36pt; font-weight: bold;">Name of Financial Services Firm(s)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" rowspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">E-1</font></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>
      <div style="text-align: justify; text-indent: 36pt;">Securities Holdings:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">Complete the following (or attach a copy of your most recent statement(s)) listing all of your securities holdings as of the end of the
        referenced year, including Fund shares, with the exception of (a) direct obligations of the Government of the United States; (b) bankers&#8217; acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments,
        including repurchase agreements; and (c) shares issued by open-end investment companies registered under the Investment Company Act, if:</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 36pt;">You own securities which are held by financial services firm(s) as described above. If you submit a copy of a statement, it must include
        all of the information set forth below. Please be sure to include any additional securities purchased prior to the end of the referenced year since the date of the brokerage statement which is attached. Use additional sheets if necessary.</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 36pt;">Your securities are not held with a financial service(s) firm (e.g., dividend reinvestment programs and private placements).</div>
      <div>&#160;</div>
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          <tr>
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              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Company</div>
            </td>
            <td nowrap="nowrap" style="width: 7.36%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Symbol</div>
            </td>
            <td nowrap="nowrap" style="width: 9.07%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Purchase/</div>
            </td>
            <td nowrap="nowrap" style="width: 6.32%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Trade</div>
            </td>
            <td nowrap="nowrap" style="width: 5.93%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Settle</div>
            </td>
            <td nowrap="nowrap" style="width: 6.99%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">CUSIP</div>
            </td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Quantity</div>
            </td>
            <td nowrap="nowrap" style="width: 5.65%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Unit</div>
            </td>
            <td nowrap="nowrap" style="width: 8.59%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Principal</div>
            </td>
            <td nowrap="nowrap" style="width: 11.54%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Commissions</div>
            </td>
            <td nowrap="nowrap" style="width: 5.08%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Fees</div>
            </td>
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              <div style="text-align: center; font-weight: bold;">Net</div>
            </td>
            <td nowrap="nowrap" style="width: 7.07%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Broker</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 9.58%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.36%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.07%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Sale</div>
            </td>
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              <div style="text-align: center; font-weight: bold;">Date</div>
            </td>
            <td nowrap="nowrap" style="width: 5.93%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Date</div>
            </td>
            <td nowrap="nowrap" style="width: 6.99%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.65%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Price</div>
            </td>
            <td nowrap="nowrap" style="width: 8.59%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Proceeds</div>
            </td>
            <td nowrap="nowrap" style="width: 11.54%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.08%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">Proceeds</div>
            </td>
            <td nowrap="nowrap" style="width: 7.07%; vertical-align: bottom; background-color: rgb(238, 236, 225); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 9.58%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.36%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 9.07%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 6.32%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.93%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 6.99%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.65%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.59%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 11.54%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 5.08%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 8.41%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 7.07%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td nowrap="nowrap" style="width: 7.07%; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
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            <td style="width: 36pt; vertical-align: top; font-family: 'Wingdings 2',serif;">&#9744;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>I have no securities holdings to report.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">I certify that I have received the Eagle Capital Growth Fund, Inc. Amended and Restated Code of Ethics (&#8220;Code of Ethics&#8221;) and have read it
        and understood its contents, have complied with the requirements of the Code of Ethics, and have disclosed or reported all personal securities transactions and securities accounts required to be disclosed or reported pursuant to the requirements of
        the Code of Ethics.&#160; I further certify that the above represents a complete and accurate description of my brokerage account(s) and securities holdings as of the end of the referenced year (excluding (a) direct obligations of the Government of the
        United States; (b) bankers&#8217; acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (c) shares issued by open-end investment companies registered under the
        Investment Company Act).</div>
      <div>&#160;</div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;">Nothing in this report shall be construed as an admission that I have direct or indirect beneficial ownership in any reported security.</div>
      <div>&#160;</div>
      <div>
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                <div style="text-align: justify;">Signature:</div>
              </td>
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                <div style="text-align: justify;"><br>
                </div>
              </td>
              <td style="width: 20%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
            </tr>

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        <div><br>
        </div>
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              <td style="width: 13%; padding-bottom: 2px; vertical-align: top;">
                <div style="text-align: justify;">Date:</div>
              </td>
              <td style="width: 30%; vertical-align: top; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 2px; border-bottom-style: solid;">
                <div style="text-align: justify;"><br>
                </div>
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              <td style="width: 3%; padding-bottom: 2px; vertical-align: top;">
                <div style="text-align: center;">, 20</div>
              </td>
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              </td>
              <td style="width: 45%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
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      </div>
      <div> <br>
      </div>
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      </div>
      <div style="text-align: center; font-weight: bold;"><u>Eagle Capital Growth Fund, Inc.</u></div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;"><u>Code of Ethics for Financial Professionals</u></div>
      <div>&#160;</div>
      <div style="text-align: center;"><u>Background</u></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">This Code of Ethics for Financial Professionals applies to the principal executive officer of Eagle Capital Growth Fund, Inc. (the
        &#8220;Fund&#8221;), all professionals serving as principal financial officer, principal accounting officer or controller, or persons serving similar functions, regardless of whether these individuals are employed by the Fund or a third party (collectively,
        the &#8220;Financial Professionals&#8221;), and the members of the Fund&#8217;s Board of Directors (the &#8220;Board&#8221;) as provided.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">The purpose of this Code of Ethics is to set forth basic principles to guide you in your day to day activities as an executive officer and
        financial professional of the Fund and in your activities as members of the Board.&#160; This Code of Ethics supplements and should be read together with the Fund&#8217;s Policies and Procedures, including the Code of Ethics pursuant to Rule 17j-1 under the
        Investment Company Act of 1940.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">This Code of Ethics cannot cover every legal or ethical issue that you may confront.&#160; It is your responsibility to know and understand the
        laws applicable to your job responsibilities and to comply with both the letter and the spirit of these laws.&#160; This requires that you avoid not only actual misconduct, but also even the appearance of impropriety.</div>
      <div>&#160;</div>
      <div style="text-align: center;"><u>Statement of Fundamental Principles</u></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">As a Financial Professional or member of the Board of the Fund, you must:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Engage in and
            promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Take all
            reasonable measures to protect the confidentiality of non-public information about the Fund and to prevent the unauthorized disclosure of such information unless required by applicable law or regulation or legal or regulatory process;</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Comply with
            applicable governmental laws, rules and regulations; and</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Promptly report
            any possible violation of the Code of Ethics or Code of Ethics for Financial Professionals to the Compliance Officer (as defined below).</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">As a Financial Professional of the Fund, you must also produce full, fair, accurate, timely, and understandable disclosure in reports and
        documents that the Fund files with or submits to the Securities and Exchange Commission and in other public communications made by the Fund.&#160; Members of the Board who are not Financial Professionals shall continue to be responsible for the Fund&#8217;s
        financial information as required by applicable law.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </div>
      <div style="text-align: center;"><u>Practices</u></div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">In furtherance of the Fund&#8217;s fundamental principles, the Fund&#8217;s Financial Professionals and/or members of the Board, as provided, must
        adhere to the following practices:</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt;">FINANCIAL PROFESSIONALS AND MEMBERS OF THE BOARD MUST ACT IN THE BEST INTERESTS OF THE FUND AND ITS SHAREHOLDERS AND THE PUBLIC</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-style: italic;">Fair Dealing</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">Financial Professionals and members of the Board must keep the best interests of the Fund and its shareholders paramount and endeavor to
        deal fairly with suppliers, brokers, the public and one another.&#160; No one should take unfair advantage of anyone through manipulation, abuse of privileged information, misrepresentations of facts or any unfair dealing practice.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-style: italic;">Gifts</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">Financial Professionals and members of the Board may not accept any investment opportunity, gift, gratuity, or other thing of more than
        nominal value, from any person or entity that does business, or desires to do business, with the Fund or any affiliate thereof.&#160; Financial Professionals and members of the Board may accept gifts from a single giver so long as the aggregate annual
        value does not exceed $100, and you may attend business meals, local sporting events and other entertainment events at the expense of the giver, so long as the expense is reasonable and both you and the giver are present.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; font-style: italic;">Conflicts of Interest</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">Financial Professionals and members of the Board have an obligation to act in the best interest of the Fund.&#160; You should avoid any
        activity, interest, or association outside the fund that could impair their ability to perform your work objectively and effectively or that could give the appearance of interfering with your responsibilities on behalf of the Fund and its
        shareholders.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">It is not possible to describe every situation in which a conflict of interest may arise.&#160; The following, however, are examples of
        situations that may raise a conflict of interest (unless permitted by law and Fund policies):</div>
      <div>&#160;</div>
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            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">&#9726;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Accepting special favors as a result of your position with the Fund from any person or organization with which the Fund has a current or potential business relationship.</div>
            </td>
          </tr>

      </table>
      <div>&#160; <br>
      </div>
      <table cellspacing="0" cellpadding="0" id="ze2d837313edd4a5697c486af27941961" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 90pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right;">&#9726;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Directing business to a supplier or broker owned or managed by, or which employs, a relative or friend.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">You should promptly report any potential relationships, actions or transactions (including those involving family members) that reasonably could be
        expected to give rise to a conflict of interest to the person identified as the Compliance Officer (as defined below).</div>
      <div>&#160;</div>
      <div>PROPRIETARY AND CONFIDENTIAL INFORMATION</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Proprietary and confidential information generated and gathered in the Fund&#8217;s business is a vital Fund asset.&#160; Protecting this information is critical
        to the Fund&#8217;s reputation for integrity and relationship with its shareholders, and ensures compliance with complex regulations governing investment companies.&#160; Accordingly, you should maintain all proprietary and confidential information in strict
        confidence, except when disclosure is authorized by the Fund or required by law.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 36pt;">&#8220;Proprietary information&#8221; includes all non-public information that might be useful to competitors or that could be harmful to the Fund or its
        shareholders if disclosed.&#160; It includes, for example, intellectual property, business plans, personal employee information and unpublished financial information.&#160; You should also respect the property rights of other companies.</div>
      <div>&#160; <br>
      </div>
      <div style="text-indent: 36pt;">&#8220;Confidential information&#8221; is information that is not generally known to the public about the Fund, its shareholders, or other parties with whom the
        Fund has a relationship and that have an expectation of confidentiality.</div>
      <div>&#160; <br>
      </div>
      <div style="text-indent: 36pt;">Unauthorized use or distribution of proprietary or confidential information violates the Fund policy and could be illegal.&#160; Such use or distribution
        could result in negative consequences for the Fund and the individuals involved, including potential legal or disciplinary actions.&#160; Your obligation to protect the Fund&#8217;s proprietary and confidential information continues even after you leave
        employment with the Fund, and you have an obligation to return all such information in your possession upon departure.</div>
      <div>&#160; <br>
      </div>
      <div>PREVENT MISUSE OF INSIDE INFORMATION</div>
      <div>&#160; <br>
      </div>
      <div style="text-indent: 36pt;">Using inside information to trade securities or to &#8220;tip&#8221; a family member, friend, or any other person, is illegal.&#160; All non-public
        information about the Fund or its shareholders or any other company that may have a significant impact on the price of a security, or that a reasonable investor would likely to consider important in making an investment decision, should be
        considered inside information.&#160; You may never, under any circumstances, encourage others to trade, or recommend securities, based on inside information.</div>
      <div>&#160; <br>
      </div>
      <div>PROVIDE FAIR AND TRUTHFUL DISCLOSURES TO THE PUBLIC</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">The Fund has a responsibility under the law to communicate effectively so that the public is provided with full and accurate information in all
        material respects.&#160; To the extent that you are involved in the preparation of materials for dissemination to the public, you should be careful to ensure that the information in these materials is truthful, accurate, and complete.&#160; In particular,
        the Fund&#8217;s Financial Professionals shall endeavor to promote full, fair, accurate, timely and understandable disclosure in the Fund&#8217;s public communications, including documents that the Fund files with or submits to the United States Securities and
        Exchange Commission and any exchange upon which the Fund&#8217;s securities are listed.</div>
      <div>&#160;</div>
      <div>MAINTAIN ACCURATE BOOKS AND RECORDS</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">The Fund must maintain accurate and complete books and records.&#160; Every business transaction undertaken by the Fund must be recorded correctly and in a
        timely manner in the Fund&#8217;s books and records.&#160; The Fund therefore expects each Financial Professional to be candid and accurate when providing information for these documents.&#160; Financial Professionals are specifically prohibited from making false
        or misleading entries in the Fund&#8217;s books and records.&#160; In particular, Financial Professionals must endeavor to ensure that financial information included in the Fund&#8217;s books and records is correct and complete in all material respects and complies
        with applicable accounting principles.&#160; Board members who are not Financial Professionals shall continue to be responsible for the Fund&#8217;s financial information as required by applicable law.</div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>INTERACTION WITH PUBLIC ACCOUNTANTS</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">You are prohibited from directly or indirectly taking any action to fraudulently influence, coerce, manipulate or mislead the Fund&#8217;s independent public
        auditors for the purpose of rendering the financial statements of the Fund misleading.</div>
      <div>&#160;</div>
      <div>ACCOUNTABILITY</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">You understand that you will be held accountable for your adherence to this Code of Ethics for Financial Professionals.&#160; Your failure to observe the
        terms of this Code of Ethics may result in disciplinary action, including termination of employment.&#160; Violations of this Code of Ethics for Financial Professionals may also constitute violations of law and may result in civil and criminal penalties
        for you, your supervisors and/or the Fund.&#160; You must acknowledge your receipt of this Code of Ethics for Financial Professionals by signing the attached acknowledgment and giving it to the Compliance Officer.</div>
      <div>&#160;</div>
      <div>COMPLIANCE OFFICER</div>
      <div>&#160; <br>
      </div>
      <div style="text-indent: 36pt;">This Code of Ethics for Financial Professionals cannot anticipate every situation in which personal interests may be in conflict with interests of the
        Fund or its shareholders.&#160; When any doubt exists regarding any Code of Ethics for Financial Professionals provision or whether a conflict of interest may exist or you have any questions regarding the best course of action in a particular situation,
        you should promptly contact the Compliance Officer designated by the Board.&#160; The identity of the Compliance Officer, including name, voice telephone number, business address, e-mail address and facsimile telephone number will be provided to all
        persons to who this Code of Ethics applies.&#160; You may choose to remain anonymous in reporting any possible violation of this Code of Ethics.&#160; It is intended that any such reporting will be protected under any applicable &#8220;whistleblower&#8221; laws.</div>
      <div>&#160;</div>
      <div style="text-align: center;"><u>PROCESS FOR REPORTING AND DEALING WITH VIOLATIONS, WAIVERS AND AMENDMENTS</u></div>
      <div>&#160;</div>
      <div>VIOLATIONS</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">Any and all suspected violations of this Code of Ethics must be immediately reported to the Compliance Officer designated by the Board of Directors.&#160;
        If the reporting person deems it appropriate, suspected violations may instead be reported directly to the Disinterested Panel.&#160; The Compliance Officer will have the responsibility of notifying the Disinterested Panel, as defined below, to review
        the alleged violation, to determine whether an actual violation of the Code has occurred and to recommend what remedial action should be taken, if any.&#160; The Disinterested Panel&#8217;s recommendation will be presented at the next meeting of the Fund&#8217;s
        Board of Directors for approval or disapproval by a majority vote.&#160; While serious consideration and deference to the recommendations of the Disinterested Panel shall be given, the Board as a whole retains the final decision on any issue pertaining
        to a violation of this Code of Ethics for Financial Professionals.&#160; Violation of this Code of Ethics for Financial Professionals may subject Financial Professionals to reprimand, loss of Fund employment, or any other sanction which may lawfully be
        imposed by the Board.</div>
      <div>&#160; <br>
      </div>
      <div>WAIVER AND AMENDMENTS</div>
      <div>&#160; <br>
      </div>
      <div style="text-indent: 36pt;">No waiver1 or amendment to this Code of Ethics for Financial Professionals may be granted unless in writing and approved by the Board of Directors of
        the Fund.&#160; Such approval may only be obtained through the following process:</div>
      <div>&#160;<br>
      </div>
      <hr noshade="noshade" align="left" style="background-color: rgb(0, 0, 0); border-width: 0px; border-style: none; border-color: -moz-use-text-color; margin: 0px auto 0px 36pt; height: 2px; width: 25%; color: rgb(0, 0, 0);">
      <div>1 &#8220;Waiver&#8221; means the approval by the Fund of a material departure from a provision of the Code of Ethics.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="za90e9b6dcd4a402ab9ce598c93798aa5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="text-indent: 27pt;">Any proposed potential waiver or amendment to this Code of Ethics for Financial Professionals must first be brought by the Compliance Officer before a panel of the
                Fund&#8217;s Board members consisting of at least three (3) persons who are not &#8220;Interested Persons&#8221; defined under section 2(a)(19) of the Investment Company Act of 1940 (the &#8220;Disinterested Panel&#8221;).&#160; No Interested Persons may be part of the
                Disinterested Panel.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zf7d4c04dd18c42239acc858891fe2cd8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="text-indent: 27pt;">The Disinterested Panel shall review the proposal and either recommend approval or disapproval by a majority vote.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zd25da6844f9343bcb857bf2126ccca0b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="text-indent: 27pt;">The Disinterested Panel&#8217;s recommendation will be presented at a meeting of the Fund&#8217;s Board, at which time the Board will evaluate and vote on the proposal.&#160; While the
                Fund&#8217;s Board as a whole retains the final decision as to approval or disapproval of any waiver or amendment to this Code of Ethics, it is expected that it will give serious consideration and deference to the recommendations of the
                Disinterested Panel.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">All actions to be taken with respect to any waiver or amendment must be taken by the Disinterested Panel and the Board within a reasonable time.&#160; Any
        action required under this Code of Ethics for Financial Professionals to be taken at a meeting of the Board may instead be taken by unanimous written consent pursuant to the Fund&#8217;s bylaws.</div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div style="text-indent: 36pt;">Any waiver or amendment to this Code of Ethics for Financial Professionals must be disclosed by the Fund within five (5) business days after the action
        is approved by the Board.&#160; The Fund may either disclose the waiver or amendment on Form N-SAR or Form N-CSR, as applicable, or in the alternative, the Fund may use its Internet website as a method of disseminating the disclosure, but only if it
        previously has disclosed in its most recently filed Form N-SAR or Form N-CSR, as applicable, its intention to disclose these types of events on its Internet website and its Internet address is provided.&#160; This type of information must be available
        on the Fund&#8217;s website for a 12-month period, and the Fund must retain the information for a period of not less than six years following the end of the fiscal year in which the amendment or waiver occurred.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">The Fund intends to take action within a reasonable time regarding a material departure from the provisions of this Code of Ethics for Financial
        Professionals that has been made known to an executive officer.&#160; Notwithstanding such intention, however, any implicit waiver2 by the Fund&#8217;s Board is also required to be disclosed.</div>
      <div>&#160; <br>
      </div>
      <div>December 31, 2012.</div>
      <div>&#160;<br>
      </div>
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      <div>2 &#8220;Implicit waiver&#8221; means the Fund&#8217;s failure to take action within a reasonable period of time regarding a material departure from a provision of the Code of Ethics for
        Financial Professionals that has been made known to an executive officer.</div>
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      <div style="text-align: center; font-weight: bold;">Your Personal Commitment to the Fund&#8217;s Code of Ethics for Financial Professionals</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">(GRF---CCO---09)</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">I acknowledge that I have received and read the Fund&#8217;s Code of Ethics for Financial Professionals, dated December 31, 2012, and understand
        my obligations as a Financial Professional to comply with the Code of Ethics.</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 72pt;">I understand that my agreement to comply with the Code of Ethics for Financial Professionals does not constitute a contract of employment
        and violations may result in disciplinary action, including terminations of employment.</div>
      <div>&#160; <br>
      </div>
      <div>
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              <td style="width: 15%; vertical-align: top;">&#160;</td>
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                <div>Date:</div>
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              <td style="width: 15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <td colspan="1" style="width: 5%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
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                <div style="text-align: justify;">Please print your name:</div>
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              <td style="width: 32%; padding-bottom: 2px; vertical-align: top;">&#160;</td>
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<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>5
<FILENAME>brhc10021458_ex99-77b.htm
<DESCRIPTION>EXHIBIT 99.77B
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.B</font><br>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Report of Independent Registered Public Accounting Firm</div>
      <div>&#160;</div>
      <div>To the Shareholders and Board of Directors</div>
      <div> <br>
      </div>
      <div>Eagle Capital Growth Fund, Inc.</div>
      <div>&#160;</div>
      <div style="font-style: italic; font-weight: bold;">Opinion on the Financial Statements</div>
      <div>&#160;</div>
      <div>&#160;We have audited the accompanying statement of assets, liabilities, and shareholders&#8217; equity and the portfolio of investments, of Eagle Capital Growth Fund, Inc. (the &#8220;Company&#8221;) as of December 31, 2020 and the related statement of operations,
        and the related notes to the financial statements for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended.
        In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2020; and the results of its operations for the two years in the period then ended, and
        the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.</div>
      <div>&#160;</div>
      <div style="font-style: italic; font-weight: bold;">Basis for Opinion</div>
      <div>&#160;</div>
      <div style="color: #000000;"><font style="font-size: 12pt;">&#160;</font>The Company's management is responsible for these financial statements. Our responsibility is to express an opinion on the Company&#8217;s financial statements based on our audits. We are
        a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
        rules and regulations of the Securities and Exchange Commission and the PCAOB.</div>
      <div><br>
      </div>
      <div style="color: #000000;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material
        misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of
        internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.</div>
      <div><br>
      </div>
      <div style="color: #000000;">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures
        included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
        the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.</div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div>/s/ Plante &amp; Moran, PLLC</div>
      <div>&#160;</div>
      <div style="text-align: justify;">We have served as the Company&#8217;s auditor since 2002.</div>
      <div>Auburn Hills, Michigan</div>
      <div style="text-align: justify;">February 24, 2021</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify;"> <br>
      </div>
    </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
